ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the consolidated and combined financial statements included in Item 8. Financial Statements and Supplementary Data contained herein. EXECUTIVE OVERVIEW Market conditions In 2025, g lobal oil and natural gas markets remained impacted by non-OPEC supply growth, slower demand recovery in certain areas around the globe, OPEC+ production, ongoing geopolitical tensions in the Middle East, and the continued impacts of the Russia-Ukraine conflict. In the U.S., oil and natural gas production in 2025 remained elevated, despite a generally declining rig count, as a result of the industry's focus on efficiencies and higher service intensity. Lower commodity pricing and U.S. land rig counts generally contributed to softness in the market for energy products and services in North America. The international rig count decreased compared to 2024. The West Texas Intermediate (WTI) crude oil price averaged approximately $60 per barrel during the fourth quarter of 2025 and approximately $65 per barrel for the full year of 2025. The Brent crude oil price averaged approximately $64 per barrel during the fourth quarter of 2025 and approximately $69 per barrel for the full year of 2025. Trade tensions and tariffs continue to shape the demand outlook amid varying market responses. We continue to monitor and assess the impact of tariffs on goods being imported into the United States . Our global supply chain organization continuously monitors market trends and works to mitigate those and other cost increases through economies of scale in global procurement, technology modifications, and efficient sourcing practices. Globally, we continue to be impacted by extended supply chain lead times for the supply of select raw materials. Also, while we have been impacted by inflationary cost increases, primarily related to chemicals, cement, and logistics costs, we generally try to pass much of those increases on to our customers and we believe we have effective solutions to minimize their operational impact. Financial results The following graph illustrates our revenue and operating margins for each operating segment over the past three years. During 2025 , we generated total company revenue of $22.2 billion , a 3% decrease from the $22.9 billion of revenue generated in 2024 with our Completion and Production (C&P) segment revenue decreasing by 4% and our Drilling and Evaluation (D&E) segment revenue decreasing by 3% . Total company operating income was $2.3 billion , including impairments and other charges of $831 million , in 2025 , compared to $3.8 billion , including impairment and other charges of $116 million , in 2024 . Due to new tariffs imposed during 2025 by the United States, the incremental expense was approximately $89 million. Driven in large part by a decrease in the average North America rig count in 2025 as compared to 2024 , our North America revenue decreased 6% in 2025 , resulting from lower activity across multiple product service lines in U.S. Land and lower completion tool sales in the Gulf of America. Partially offsetting these decreases were improved stimulation activity and increased fluids services in the Gulf of America, increased drilling activity in U.S. Land, and higher completion tool sales in Canada. HAL 2025 FORM 10-K | 24 Table of Contents Item 7 | Executive Overview Internationally, revenue decreased by 2% in 2025 compared to 2024 , due to a decline in the international average rig count and decreased activity across multiple product service lines in Mexico and Saudi Arabia. Partially offsetting these decreases were higher activity across multiple services lines in Norway and Brazil, improved fluid services in the Middle East, Argentina, and the Caribbean, and increased stimulation activity in Middle East/Asia and Africa. Our operating performance and liquidity are described in more detail in “Liquidity and Capital Resources” and “Business Environment and Results of Operations.” HAL 2025 FORM 10-K | 25 Table of Contents Item 7 | Liquidity and Capital Resources L IQUIDITY AND CAPITAL RESOURCES As of December 31, 2025 , we had $2.2 billion of cash and equivalents, compared to $2.6 billion of cash and equivalents at December 31, 2024 . Significant sources and uses of cash in 2025 Sources of cash: • Cash flows from operating activities were $2.9 billion . Working capital, which consists of receivables, inventories, and accounts payable, collectively had a positive impact of $196 million . • We received $444 million on the sale of investment securities. • We received $185 million on the sale of property, plant, and equipment. • We received $120 million on the sale of an equity investment. Uses of cash: • Capital expenditures were $1.3 billion . • We repurchased 42.4 million shares of our common stock for $1.0 billion , which includes excise tax payment due on 2024 share repurchases . • We paid $579 million of dividends to our shareholders. • We retired $382 million of our 3.8% senior notes due November 2025. • We paid $363 million related to a purchase of an equity investment. • We purchased $202 million of investment securities. • We paid $185 million to acquire businesses. Future sources and uses of cash We manufacture most of our own equipment, which provides us with some flexibility to increase or decrease our capital expenditures based on market conditions. We currently expect capital spending for 2026 to be approximately $1.1 billion . Despite this reduction from 2025, we believe this level of spending will enable continued investment in our core strategic technologies and businesses , including the international expansion of our artificial lift, well intervention, unconventionals, and drilling technologies. We will continue to maintain capital discipline and monitor the rapidly changing market dynamics, and we may adjust our capital spend accordingly. In 2026 , we expect to pay approximately $505 million for contractual purchase obligations, with another $315 million due through 2028 , $378 million of interest on debt , and $418 million under our leasing arrangements . Payments for interest on our debt are expected to remain relatively flat for the foreseeable future. See Notes to Consolidated Financial Statements, Note 6 and Note 10 for additional information on expected future payments under our leasing arrangements and debt maturities. We are not able to reasonably estimate the timing of cash outflows associated with our uncertain tax positions, in part because we are unable to predict the timing of potential tax settlements with applicable taxing authorities. As of December 31, 2025 , we had $170 million of gross unrecognized tax benefits, excluding penalties and interest, of which we estimate $155 million may require us to make a cash payment. We estimate that approximately $131 million of the cash payment will not be settled within the next 12 months. While we maintain focus on liquidity, we are also focused on providing cash returns to our shareholders. In 2023, our Board approved a capital return framework with a goal of returning at least 50% of our annual free cash flow to shareholders through dividends and share repurchases. We returned $1.6 billion of capital to shareholders in 2025 through dividends and share repurchases. During 2025 , our quarterly dividend rate was $0.17 per common share, or approximately $145 million in aggregate. We may utilize share repurchases as part of our capital return framework. Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased 42.4 million shares of common stock during the year ended December 31, 2025 under this program. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025 and may be used for open market and other share purchases. HAL 2025 FORM 10-K | 26 Table of Contents Item 7 | Liquidity and Capital Resources During 2023, we began our migration to SAP S4 which we expect to complete in the fourth quarter of 2026 . During the year ended December 31, 2025 , w e incurred $154 million in expense on our SAP S4 migration . Due to the extension of the project we announced in the second quarter of 2025, we expect the estimated total cost will be approximately $45 million per quarter going forward. We believe the new system will provide important efficiency benefits, cost savings, enhanced visibility to our operations, and advanced analytics that will benefit us and our customers. We may, from time to time, redeem, repurchase, or otherwise acquire our outstanding debt through privately negotiated transactions, open market purchases, redemptions , tender offers or otherwise, but we are u nder no obligation to do so. Other factors affecting liquidity Financial condition in current market. As of December 31, 2025 , we had $2.2 billion of cash and equivalents and $3.5 billion of available committed bank credit under a new revolving credit facility executed on August 18, 2025, with an expiration date of August 16, 2030. We believe we have a manageable debt maturity profile, with approximately $90 million due February 2027 . Furthermore, we have no financial covenants or material adverse change provisions in our bank agreements , and our debt maturities extend over a long period of time. We believe our cash on hand, cash flows generated from operations, and our available credit facility will provide sufficient liquidity to address the challenges and opportunities of the current market and our expected global cash needs, including capital expenditures, working capital investments, shareholder returns, if any, debt repurchases, if any, and scheduled interest and principal payments, in the short term and long term. Guarantee agreements . In the normal course of business, we have agreements with financial institutions under which approximately $3.1 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of December 31, 2025 . Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization; however, none of these triggering events have occurred. As of December 31, 2025 , we had no material off-balance sheet liabilities and were not required to make any material cash distributions to our unconsolidated subsidiaries. We have entered into credit default swaps (CDSs) with third-party financial institutions that have an aggregate notional amount outstanding as of December 31, 2025 of $592 million , compared to an aggregate notional amount outstanding as of December 31, 2024 of $739 million , related to borrowings provided by the financial institutions to one of our primary customers in Mexico, of which portions of the proceeds were utilized by this customer to pay certain of our outstanding receivables. Approximately $455 million of the outstanding amount of the CDSs reduces monthly over its remaining 9 - month term and $75 million reduces monthly over its remaining 6 -month term . The remaining $62 million outstanding amount reduces monthly over its remaining 2 - month term . Credit ratings . Our credit ratings with Standard & Poor’s remain BBB+ for our long-term debt and A-2 f or our short- term debt, with a stable outlook. Our credit ratings with Moody's Investors Service remain A3 for our long -term debt and P-2 for our short-term debt, with a stable outlook. Customer receivables . In line with industry practice, we bill our customers for our services in arrears and are, therefore, subject to our customers delaying or failing to pay our invoices. In weak economic environments, we may experience increased delays and failures to pay our invoices due to, among other reasons, a reduction in our customers’ cash flow from operations and their access to the credit markets, as well as unsettled political conditions. Receivables from our primary customer in Mexico accounted for approximately 7% of our total receivables as of December 31, 2025 . While we have experienced payment delays from our primary customer in Mexico, the amounts are not in dispute and we have not historically had, and we do not expect, any material write-offs due to collectability of receivables from this customer. HAL 2025 FORM 10-K | 27 Table of Contents Item 7 | Business Environment and Results of Operations BUSINESS ENVIRONMENT AND RESULTS OF OPERATIONS We operate in more than 70 countries throughout the world to provide a comprehensive range of services and products to the energy industry. Our revenue is generated from the sale of services and products to major, national, and independent oil and natural gas companies worldwide. The industry we serve is highly competitive with many substantial competitors in each segment of our business. In 2025 , 2024 , and 2023 , based on the location of the services provided and products sold, 39% , 40% , and 44% , respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue for those periods . Activity within our business segments is significantly impacted by spending on upstream exploration, development, and production programs by our customers. Also impacting our activity is the status of the global economy, which impacts oil and natural gas consumption. Some of the more significant determinants of current and future spending levels of our customers are oil and natural gas prices, our customers’ expectations about future prices, global oil supply and demand, the impact on natural gas supply and demand in North America of electrification and data centers power requirements, completions intensity, the world economy, the availability of capital, government regulation, and global stability, which together drive worldwide drilling and completions activity. We expect that many of our customers in North America will continue their strategy of operating within their cash flows and generating returns rather than prioritizing production growth. Lower oil and natural gas prices usually translate into lower exploration and production budgets and lower rig count, while the opposite is usually true for higher oil and natural gas prices. Our financial performance is therefore significantly affected by oil and natural gas prices and worldwide rig activity, which are summarized in the tables below. The table below shows the average prices for West Texas Intermediate (W TI) crude oil, United K ingdom Brent crude oil, and Henry Hub natural gas. 2025 2024 2023 Oil Price - WTI (1) $ 65.46 $ 76.55 $ 77.64 Oil Price - Brent (1) 69.10 80.53 82.47 Natural Gas Price - Henry Hub (2) 3.53 2.19 2.54 (1) Oil prices measured in dollars per barrel. (2) Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu. The historical average rig counts based on the weekly Baker Hughes rig count data w ere as follows: 2025 2024 2023 US Land 546 580 669 US Offshore 15 19 18 Canada 175 187 177 North America 736 786 864 International (1) 1,080 1,162 948 Worldwide Total 1,816 1,948 1,812 (1) Historical average rig counts shown are based on data provided by Baker Hughes, which included retroactive adjustments to international rig counts previously reported as a result of a methodology change effective January 2024. HAL 2025 FORM 10-K | 28 Table of Contents Item 7 | Business Environment and Results of Operations Business outlook Looking ahead to 2026, we expect the global energy market to remain dynamic, with oil demand continuing to grow modestly while global supply is projected to outpace demand in the near term, contributing to price pressure and inventory builds. At the same time, natural gas demand is forecasted to strengthen in 2026 as LNG capacity expands and consumption in key markets increases. Absent geo-political disruptions, we expect commodity prices are unlikely to rise. We expect international activity to be stable year over year, with revenue to be flat to up modestly, led by Latin America . We anticipate moderate softness in North America and expect revenue to decline year over year compared to 2025. This outlook reflects the full year impact of reduced customer activity in land operations, our decision to stack uneconomic fleets, and the timing of customer programs in the Gulf of America. Despite the market conditions described above, we believe the combination of long-cycle international investments and emerging structural demand for natural gas, driven by data centers, electrification, and power reliability, positions our business for growth opportunities over the medium and long term. This growth includes our strategic collaboration with VoltaGrid, for which we have secured manufacturing capacity for 400 megawatts of modular natural gas power systems for delivery in 2028 to support the development of data centers in the Eastern Hemisphere. Additionally, we believe increased investment in existing and new sources of oil and natural gas production is needed to address future demand. This will necessitate production from conventional and unconventional, deep-water and shallow-water, and short and long-cycle projects. We expect that increased oil and natural gas production requirements will in turn create demand for our products and services. We continue to monitor the recent developments in Venezuela and plan to grow our business once commercial and legal terms are resolved, including payment certainty. HAL 2025 FORM 10-K | 29 Table of Contents Item 7 | Results of Operations in 2025 Compared to 2024 RESULTS OF OPERATIONS IN 2025 COMPARED TO 2024 Favorable Percentage Millions of dollars 2025 2024 (Unfavorable) Change Revenue: By operating segment: Completion and Production $ 12,782 $ 13,251 $ (469) (4) % Drilling and Evaluation 9,402 9,693 (291) (3) Total revenue $ 22,184 $ 22,944 $ (760) (3) % By geographic region: North America $ 9,066 $ 9,626 $ (560) (6) % Latin America 3,935 4,211 (276) (7) Europe/Africa/CIS 3,351 3,003 348 12 Middle East/Asia 5,832 6,104 (272) (4) Total revenue $ 22,184 $ 22,944 $ (760) (3) % Operating income: By operating segment: Completion and Production $ 2,128 $ 2,709 $ (581) (21) % Drilling and Evaluation 1,379 1,608 (229) (14) Total operations 3,507 4,317 (810) (19) Corporate and other (262) (255) (7) (3) SAP S4 upgrade expense (154) (124) (30) (24) Impairments and other charges (831) (116) (715) n/m Total operating income $ 2,260 $ 3,822 $ (1,562) (41) % n/m = not meaningful Operating Segments Completion and Production Completion and Production revenue in 2025 was $12.8 billion , a decrease of $469 million , or 4% , compared to 2024 . Operating income for the segment in 2025 was $2.1 billion , a decrease of $581 million , or 21% , compared to 2024 . These results were primarily driven by decreased pressure pumping services in U.S. Land, lower completion tool sales in the Western Hemisphere, the Middle East, and Africa, and decreased well intervention services in Middle East/Asia. Partially offsetting these decreases were higher year-end completion tool sales in Europe, and increased well intervention services in Latin America. Drilling and Evaluation Drilling and Evaluation revenue in 2025 was $9.4 billion , a decrease of $291 million , or 3% , compared to 2024 . Operating income for the segment in 2025 was $1.4 billion , a decrease of $229 million , or 14% , compared to 2024 . These results were primarily driven by lower drilling activity in the Middle East and Latin America, and lower wireline activity in Middle East/Asia, and decreased testing services internationally. Partially offsetting these decreases were improved fluids services and higher project management activity in Latin America, and increased drilling activity in Europe/Africa. Geographic Regions North America North America revenue in 2025 was $9.1 billion , a 6% decrease compared to 2024 , largely driven by lower activity across multiple product service lines in U.S. Land and lower completion tool sales in the Gulf of America. Partially offsetting these decreases were improved stimulation activity and increased fluids services in the Gulf of America, increased drilling activity in U.S. Land, and higher completion tool sales in Canada. HAL 2025 FORM 10-K | 30 Table of Contents Item 7 | Results of Operations in 2025 Compared to 2024 Latin America Latin America revenue in 2025 was $3.9 billion , a 7% decrease compared to 2024 , resulting from lower activity across multiple product service lines in Mexico and lower completion tool sales in Brazil. Partially offsetting these decreases were improved activity across multiple product service lines in Brazil, and higher drilling related services in Argentina and the Caribbean. Europe/Af rica/CIS Europe/Africa/CIS revenue in 2025 was $3.4 billion , a 12% increase compared to 2024 , resulting from higher activity across multiple product service lines in Norway and Romania, increased stimulation activity in Congo, higher project management activity in Africa, and improved well construction activity in Namibia. Partially offsetting these increases were lower activity across multiple product service lines in Italy and Senegal, and lower completion tool sales and decreased pressure pumping services in Angola. Middle East/Asia Middle East/Asia revenue in 2025 was $5.8 billion , a 4% decrease compared to 2024 , resulting from lower activity across multiple product service lines in Saudi Arabia and Malaysia. Partially offsetting these decreases were improved activity across multiple product service lines in Kuwait, higher stimulation activity in India, higher drilling related services in Indonesia, and increased fluids services in the United Arab Emirates. Other Operating Items SAP S4 Upgrade Expense. As previously mentioned, during 2023 we began our migration to SAP S4, which we expect to complete in the fourth quarter of 2026 . During the years ended December 31, 2025 and 2024 , we recognized $154 million and $124 million of expense on our SAP S4 migration, respectively. Impairments and Other Charges . During the year ended December 31, 2025 , we recognized a pre-tax charge of $831 million primarily related to severance costs, an impairment of assets held for sale, fixed and other assets write-offs, an impairment of facility closures and lease terminations, an equity in earnings loss, and other items, primarily related to legacy environmental remediation cost estimate increases . During the year ended December 31, 2024 , we recognized a pre-tax charge of $116 million , primarily related to severance costs, an impairment of assets held for sale, expenses related to a cybersecurity incident, a gain on a fair value adjustment of an equity investment, and other items. See Notes to Consolidated Financial Statements, Note 2 for further discussion of these charges. Nonoperating Items Argentina Impairment on Investment. In years 2022, 2023 and 2024 , we executed a series of loans to a third party and received notes that are to be repaid in U.S. dollars upon maturity or earlier if certain conditions are met. During the year ended December 31, 2025 and 2024 , we recorded a loss of $23 million and $38 million, respectively, resulting from the deterioration in the outlook of the debtor’s liquidity and financial projections. This is included in “Other, net” on the Consolidated Statements of Operations. Argentina Blue Chip Swap . The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars in Argentina and remit cash from our Argentine operations. The execution of certain trades known as Blue Chip Swaps effectively results in a parallel U.S. dollar exchange rate. For the years ended December 31, 2025 , 2024 , and 2023 , we entered into Blue Chip Swap transactions, which resulted in a pre-tax loss on investment for $9 million , $8 million , and $110 million , respectively. Egypt Currency Impact. In the first quarter of 2024 , the Egyptian pound devalued by approximately 35% relative to the U.S. dollar. Consequently, we incurred a l oss of $34 million during the year ended December 31, 2024 , due to the devaluation of the currency in Egypt. This is included in “Other, net” on the Consolidated Statements of Operations. Income Tax Provision . During the year ended December 31, 2025 , we recorded a total income tax provision of $479 million on a pre-tax income of $1.8 billion , resulting in an effective tax rate of 27.0% . The effective tax rate for 2025 was primarily impacted by the pre-tax $831 million of impairments and other charges, the $23 million impairment of an investment in Argentina, the additional valuation allowance recognized in the amount of $125 million on our deferred tax assets which resulted from the impact on the realizability of our FTC carryforward due to the “One Big Beautiful Bill Act,” and partially offset by an $86 million discrete tax benefit from the Foreign-Derived Intangible Income (FDII) deduction attributable to a royalty prepayment. During the year ended December 31, 2024 , we recorded a total income tax provision of $718 million on pre-tax income of $3.2 billion , resulting in an effective tax rate of 22.2% . The effective tax rate for 2024 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and changes of valuation allowance on some of our deferred tax assets. W e rec orded a tax benefit of $41 million during the year ended December 31, 2024 , due to a partial release of a valuation allow ance on our deferred tax assets based on market conditions. HAL 2025 FORM 10-K | 31 Table of Contents Item 7 | Results of Operations in 2025 Compared to 2024 Pillar Two . The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework, also known as Pillar Two, and certain governments globally have enacted, or are in the process of enacting, legislation considering these model rules. These rules did not have a material impact on our taxes for the year ended December 31, 2025 and 2024 . Internal Revenue Service Notice of Proposed Adjustment. We are subject to taxes in the United States and in numerous jurisdictions where we operate or where our subsidiaries are organized. Our tax returns are routinely subject to examination by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2014 . The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. Our United States federal income tax filings for tax years 2016 through 2024, including carry back of 2016 net operating losses to 2014, are currently under review or remain open for review by the IRS. On September 28, 2023, we received a Notice of Proposed Adjustment (NOPA) from the IRS covering our 2016 U.S. tax return. The NOPA proposed an adjustment to reclassify approximately 95% of the $3.5 billion termination fee paid to Baker Hughes in 2016 from an ordinary expense deduction to a capital loss. The termination fee was paid to Baker Hughes under the merger agreement after antitrust regulators in multiple jurisdictions failed to approve our proposed merger. It is common commercial practice to include a termination fee in a merger agreement to compensate the target for damages incurred when the acquisition does not go forward. The IRS’s long-understood position at the time of the payment had been to treat such payments as an ordinary and necessary business expense. We strongly disagree with the proposed adjustment on both a factual and legal basis, and we plan to vigorously contest it. We expect that resolving this dispute will take substantial time. In 2023, we initiated the IRS administrative appeals process, which is ongoing. Failing a resolution through that process, the matter would ultimately be resolved by the United States federal courts. We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We cannot assure you that the matter will be determined in our favor or against us, and if the matter is ultimately determined unfavorably to us, it could have a material adverse impact on our results of operations and cash flows. Based on tax attributes currently available, we estimate that, should the IRS's position prevail through the appellate process and subsequent litigation, the proposed adjustment could result in cash taxes due of approximately $640 million (plus interest thereon in the case of amounts due for previous tax years). Our estimates are calculated under current tax law and on the bases of our assumptions regarding taxable income and loss and other tax attributes over the relevant period, which law could change and which assumptions could and likely will differ materially from actual results. In any event, no payment of any additional tax is currently required, nor do we anticipate that the proposed adjustment would materially and adversely impact our ability to meet our expected uses of cash, including future capital expenditures, working capital investments, and scheduled debt repayments, or our ability to return cash to shareholders, even if a final determination of the matter is reached that is adverse to us. HAL 2025 FORM 10-K | 32 Table of Contents Item 7 | Results of Operations in 2024 Compared to 2023 RESULTS OF OPERATIONS IN 2024 COMPARED TO 2023 Information related to the comparison of our operating results between the years 2024 and 2023 is included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K filed with the SEC and is incorporated by reference into this annual report on Form 10-K. HAL 2025 FORM 10-K | 33 Table of Contents Item 7 | Critical Accounting Estimates CRITICAL ACCOUNTING ESTIMATES The preparation of financial statements requires the use of judgments and estimates. Our critical accounting policies are described below to provide a better understanding of how we develop our assumptions and judgments about future events and related estimates and how they can impact our financial statements. A critical accounting estimate is one that requires our most difficult, subjective, or complex judgments and assessments and is fundamental to our results of operations. We identified our most critical accounting estimates to be:

• forecasting our income tax (provision) benefit, including our future ability to utilize foreign tax credits and the realizability of deferred tax assets (including net operating loss carryforwards), and providing for uncertain tax positions;
• legal and investigation matters;
• valuations of long-lived assets, including intangible assets and goodwill; and
• allowance for credit losses. We base our estimates on historical experience and on various other assumptions we believe to be reasonable according to the current facts and circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We believe the following are the critical accounting policies used in the preparation of our consolidated financial statements, as well as the significant estimates and judgments affecting the application of these policies. This discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included in this report. Income tax accounting We recognize the amount of taxes payable or refundable for the current year and use an asset and liability approach in recognizing the amount of deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. We apply the following basic principles in accounting for our income taxes:
• a current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year;
• a deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards;
• the measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law, and the effects of potential future changes in tax laws or rates are not considered; and
• the value of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. We determine deferred taxes separately for each tax-paying component (an entity or a group of entities that is consolidated for tax purposes) in each tax jurisdiction. That determination includes the following procedures:
• identifying the types and amounts of existing temporary differences;
• measuring the total deferred tax liability for taxable temporary differences using the applicable tax rate;
• measuring the total deferred tax asset for deductible temporary differences and operating loss carryforwards using the applicable tax rate;
• measuring the deferred tax assets for each type of tax credit carryforward; and
• reducing the deferred tax assets by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our methodology for recording income taxes requires a significant amount of judgment and the use of assumptions and estimates. Additionally, we use forecasts of certain tax elements, such as taxable income and foreign tax credit utilization, as well as evaluate the feasibility of implementing tax planning strategies. Given the inherent uncertainty involved with the use of such variables, there can be significant variation between anticipated and actual results that could have a material impact on our income tax accounts related to continuing operations. HAL 2025 FORM 10-K | 34 Table of Contents Item 7 | Critical Accounting Estimates We have operations in more than 70 countries . Consequently, we are subject to the jurisdiction of a significant number of taxing authorities. The income earned in these various jurisdictions is taxed on differing bases, including net income actually earned, net income deemed earned, and revenue-based tax withholding. Our tax filings are routinely examined in the normal course of business by tax authorities. The final determination of our income tax liabilities involves the interpretation of local tax laws, tax treaties and related authorities in each jurisdiction, as well as the significant use of estimates and assumptions regarding the scope of future operations and results achieved, the timing and nature of income earned and expenditures incurred. The final determination of tax audits or changes in the operating environment, including changes in tax law and currency/repatriation controls, could impact the determination of our income tax liabilities for a tax year and have an adverse effect on our financial statements. For example, we received a NOPA from the IRS on September 28, 2023. See Management's Discussion and Analysis of Financial Condition and Results of Operations - Nonoperating Items, Internal Revenue Service Notice of Proposed Adjustment and Notes to Consolidated Financial Statements, Note 12 for further information. Tax filings of our subsidiaries, unconsolidated affiliates and related entities are routinely examined in the normal course of business by tax authorities. These examinations may result in assessments of additional taxes, which we work to resolve with the tax authorities and through the judicial process. Predicting the outcome of disputed assessments involves some uncertainty. Factors such as the availability of settlement procedures, willingness of tax authorities to negotiate, and the operation and impartiality of judicial systems vary across the different tax jurisdictions and may significantly influence the ultimate outcome. We review the facts for each assessment, and then utilize assumptions and estimates to determine the most likely outcome and provide taxes, interest, and penalties, as needed based on this outcome. We provide for uncertain tax positions pursuant to current accounting standards, which prescribe a minimum recognition threshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. The standards also provide guidance for derecognition classification, interest and penalties, accounting in interim periods, disclosure, and transition. Legal and investigation matters As discussed in Notes to Consolidated Financial Statements, Note 11 , we are subject to various legal and investigation matters arising in the ordinary course of business. As of December 31, 2025 , we have accrued an estimate of the probable and estimable costs for the resolution of some of our legal and investigation matters, which is not material to our consolidated financial statements. For other matters for which the liability is not probable and reasonably estimable, we have not accrued any amounts. Attorneys in our legal department monitor and manage all claims filed against us and review all pending investigations. Generally, the estimate of probable costs related to these matters is developed in consultation with internal and outside legal counsel representing us. Our estimates are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. The accuracy of these estimates is impacted by, among other things, the complexity of the issues and the amount of due diligence we have been able to perform. We attempt to resolve these matters through settlements, mediation, and arbitration proceedings when possible. If the actual settlement costs, final judgments, or fines, after appeals, differ from our estimates, there may be a material adverse effect on our future financial results. We have in the past recorded significant adjustments to our initial estimates of these types of contingencies. Value of long-lived assets, including intangible assets and goodwill We carry a variety of long-lived assets on our balance sheet including property, plant, and equipment, goodwill, and other intangibles. Impairment is the condition that exists when the carrying amount of a long-lived asset exceeds its fair value, and any impairment charge that we record reduces our operating income. Goodwill is the excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed. We conduct impairment tests on goodwill annually, during the third quarter, or more frequently whenever events or changes in circumstances indicate an impairment may exist. We conduct impairment tests on long-lived assets, other than goodwill, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. HAL 2025 FORM 10-K | 35 Table of Contents Item 7 | Critical Accounting Estimates When conducting an impairment test on long-lived assets, other than goodwill, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. This requires some judgment. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the undiscounted cash flows are less than the asset group’s carrying amount, we then determine the asset group’s fair value by using a discounted cash flow analysis. This analysis is based on estimates such as management’s short-term and long-term forecast of operating performance, including revenue growth rates and expected profitability margins, estimates of the remaining useful life and service potential of the assets within the asset group, and a discount rate based on our weighted average cost of capital. An impairment loss is measured and recorded as the amount by which the asset group’s carrying amount exceeds its fair value. See Notes to Consolidated Financial Statements, Note 2 for further discussion of impairments and other charges. We perform our goodwill impairment assessment for each reporting unit, which is the same as our reportable segments, the Completion and Production division and the Drilling and Evaluation division, comparing the estimated fair value of each reporting unit to the reporting unit’s carrying value, including goodwill. We estimate the fair value for each reporting unit using a discounted cash flow analysis based on management’s short-term and long-term forecast of operating performance. This analysis includes significant assumptions regarding discount rates, revenue growth rates, expected profitability margins, forecasted capital expenditures, and the timing of expected future cash flows based on market conditions. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its estimated fair value, an impairment loss is measured and recorded. The impairment assessments discussed above incorporate inherent uncertainties, including projected commodity pricing, supply and demand for our services, and future market conditions, which are difficult to predict in volatile economic environments and could result in impairment charges in future periods if actual results materially differ from the estimated assumptions utilized in our forecasts. If market conditions deteriorate, including crude oil prices significantly declining and remaining at low levels for a sustained period of time, we could be required to record additional impairments of the carrying value of our long-lived assets in the future which could have a material adverse impact on our operating results. See Notes to Consolidated Financial Statements, Note 1 for our accounting policies related to long-lived assets. Allowance for credit losses We evaluate our global accounts receivable through a continuous process of assessing our portfolio on an individual customer and overall basis. This process consists of a thorough review of historical collection experience, current aging status of the customer accounts, financial condition of our customers, and whether the receivables involve retainages. We also consider the economic environment of our customers, both from a marketplace and geographic perspective, in evaluating the need for an allowance. Based on our review of these factors, we establish or adjust allowances for specific customers. This process involves judgment and estimation, and frequently involves significant dollar amounts. Accordingly, our results of operations can be affected by adjustments to the allowance due to actual write-offs that differ from estimated amounts. At December 31, 2025 , our allowance for credit losses totaled $805 million or 14.9% of notes and accounts receivable before the allowance. At December 31, 2024 , our allowance for credit losses totaled $754 million , or 13.9% of notes and accounts receivable before the allowance. The allowance for credit losses in both years is primarily comprised of accounts receivable from our primary customer in Venezuela. A hypothetical 100 basis point change in our estimate of the collectability of our notes and accounts receivable balance as of December 31, 2025 would have resulted in a $54 million adjustment to 2025 total operating costs and expenses. See Notes to Consolidated Financial Statements, Note 5 for further information. HAL 2025 FORM 10-K | 36 Table of Contents Item 7 | Financial Instrument Market Risk FINANCIAL INSTRUMENT MARKET RISK We are exposed to market risks primarily associated with changes in foreign currency exchange rates. We selectively manage these exposures through the use of derivative instruments, including forward foreign exchange contracts and foreign exchange options. The objective of our risk management strategy is to minimize the volatility from fluctuations in foreign currency. We do not use derivative instruments for trading purposes. The counterparties to our forward contracts and options are global commercial and investment banks. We use a sensitivity analysis model to measure the impact of potential adverse movements in foreign currency exchange rates. With respect to foreign exchange sensitivity, after consideration of the impact from our forward foreign exchange contracts and options, a hypothetical 10% adverse change in the value of all our foreign currency positions relative to the U.S. dollar as of December 31, 2025 would result in a $81 mill ion , pre-tax loss for our net monetary assets denominated in currencies other than U.S. dollars. There are certain limitations inherent in the sensitivity analysis presented, primarily due to the assumption that exchange rates change instantaneously in an equally adverse fashion. In addition, the analysis is unable to reflect the complex market reactions that normally would arise from the market shifts modeled. While this is our best estimate of the impact of the various scenarios, this estimate should not be viewed a forecast. For further information regarding foreign currency exchange risk, interest rate risk and credit risk, see Notes to Consolidated Financial Statements, Note 16 . HAL 2025 FORM 10-K | 37 Table of Contents Item 7 | Environmental Matters ENVIRONMENTAL MATTERS We are subject to numerous environmental, legal, and regulatory requirements related to our operations worldwide. For information related to environmental matters, see Notes to Consolidated Financial Statements, Note 11 and Part I, Item 1(a). Risk Factors. FORWARD-LOOKING INFORMATION The Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. Forward-looking information is based on projections and estimates, not historical information. Some statements in this Form 10-K , inc luding those in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Business Environment and Results of Operations – Business Outlook, are forward-looking and use words like “may,” “may not,” “believe,” “do not believe,” “plan,” “estimate,” “intend,” “expect,” “do not expect,” “anticipate,” “do not anticipate,” “should,” “likely,” and other expressions. We may also provide oral or written forward-looking information in our statements and other materials we release to the public. Forward-looking information involves risks and uncertainties and reflects our best judgment based on current information. Our results of operations can be affected by inaccurate assumptions we make or by known or unknown risks and uncertainties. In addition, other factors may affect the accuracy of our forward-looking information. As a result, no forward-looking information can be guaranteed. Actual events and the results of our operations may vary materially. We do not assume any responsibility to publicly update any of our forward-looking statements regardless of whether factors change as a result of new information, future events, or for any other reason, except as required by law. You should review any additional disclosures we make in our press releases and Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. We also suggest that you listen to our quarterly earnings release conference calls with financial analysts. NEW ACCOUNTING STANDARDS NOT YET ADOPTED See Notes to Consolidated Financial Statements, Note 18 for further discussion of accounting standards adopted during the year and to be adopted in future periods. HAL 2025 FORM 10-K | 38 Table of Contents Item 7(a) | Quantitative and Qualitative Disclosures About Market Risk Item 7(a). Quantitative and Qualitative Disclosures About Market Risk. Information related to market risk is included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Financial Instrument Market Risk and Notes to Consolidated Financial Statements, Note 16 . HAL 2025 FORM 10-K | 39 Item 8. Financial Statements and Supplementary Data. Financial Statements PAGE Management’s Report on Internal Control Over Financial Reporting 40 Reports of Independent Registered Public Accounting Firm 41 Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023 44 Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 45 Consolidated Balance Sheets at December 31, 2025 and 2024 46 Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 47 Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2025, and 2024 and 2023 48 Notes to Consolidated Financial Statements Note 1 . Description of Company and Significant Accounting Policies 49 Note 2 . Impairments and Other Charges 51 Note 3 . Business Segment and Geographic Information 53 Note 4 . Revenue 55 Note 5 . Receivables 57 Note 6 . Leases 57 Note 7 . Inventories 59 Note 8 . Accounts Payable 59 Note 9 . Property, Plant, and Equipment 60 Note 10 . Debt 60 Note 11 . Commitments and Contingencies 61 Note 12 . Income Taxes 62 Note 13 . Shareholders’ Equity 67 Note 14 . Stock-based Compensation 68 Note 15 . Income per Share 70 Note 16 . Financial Instruments and Risk Management 70 Note 17 . Retirement Plans 72 Note 18 . New Accounting Pronouncements 74 HAL 2025 FORM 10-K | 40 Table of Contents MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING The management of Halliburton Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in the Securities Exchange Act Rule 13a-15(f). Internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Further, because of changes in conditions, the effectiveness of internal control over financial reporting may vary over time. Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation to assess the effectiveness of our internal control over financial reporting as of December 31, 2025 based upon criteria set forth in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management concluded that, as of December 31, 2025 , our internal control over financial reporting was effective. The effectiveness of Halliburton’s internal control over financial reporting as of December 31, 2025 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report that is included herein. HALLIBURTON COMPANY by /s/ Jeffrey A. Miller /s/ Eric J. Carre Jeffrey A. Miller Eric J. Carre Chairman of the Board, President and Executive Vice President and Chief Executive Officer Chief Financial Officer HAL 2025 FORM 10-K | 41 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors Halliburton Company: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Halliburton Company and subsidiaries (the Company) as of December 31, 2025 and 2024 , the related consolidated statements of operations, comprehensive income, cash flows and shareholders' equity for each of the years in the three-year period ended December 31, 2025 , and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024 , and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025 , in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025 , based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 6, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Evaluation of the Realizability of Deferred Tax Assets As discussed in Notes 1 and 12 to the consolidated financial statements, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized, which is dependent upon the generation of future taxable income. As of December 31, 2025 , the Company had gross deferred tax assets of $3.6 billion and a related valuation allowance of $0.9 billion. We identified the evaluation of the realizability of domestic deferred tax assets as a critical audit matter. The evaluation of the realizability of domestic deferred tax assets, specifically related to foreign tax credits, required subjective auditor judgment to assess the forecasts of future taxable income over the periods in which those temporary differences become deductible. Changes in assumptions regarding forecasted taxable income, specifically revenue growth rates, could have an impact on the Company’s evaluation of the realizability of the domestic deferred tax assets. HAL 2025 FORM 10-K | 42 Table of Contents The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical audit matter. This included controls related to the development of forecasts of future taxable income. We evaluated the assumptions used in the development of forecasts of future taxable income, specifically revenue growth rates, by comparing to historical actuals while considering current and anticipated future commodity prices or market events. We also evaluated the Company’s history of realizing domestic deferred tax assets by evaluating the expiration of foreign tax credits. /s/ KPMG LLP We have served as the Company’s auditor since 2002. Houston, Texas February 6, 2026 HAL 2025 FORM 10-K | 43 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors Halliburton Company: Opinion on Internal Control Over Financial Reporting We have audited Halliburton Company and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2025 , based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025 , based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024 , the related consolidated statements of operations, comprehensive income, cash flows and shareholders’ equity for each of the years in the three-year period ended December 31, 2025 , and the related notes (collectively, the consolidated financial statements), and our report dated February 6, 2026 expressed an unqualified opinion on those consolidated financial statements. Basis for Opinion The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Houston, Texas February 6, 2026 HAL 2025 FORM 10-K | 44 Table of Contents HALLIBURTON COMPANY Consolidated Statements of Operations Year Ended December 31, Millions of dollars and shares except per share data 2025 2024 2023 Revenue: Services $ 15,729 $ 16,348 $ 16,483 Product sales 6,455 6,596 6,535 Total revenue 22,184 22,944 23,018 Operating costs and expenses: Cost of services 13,611 13,470 13,402 Cost of sales 5,089 5,173 5,256 Impairments and other charges 831 116 — General and administrative 239 239 226 SAP S4 upgrade expense 154 124 51 Total operating costs and expenses 19,924 19,122 18,935 Operating income 2,260 3,822 4,083 Interest expense, net of interest income of $88, $97, and $81 ( 352 ) ( 353 ) ( 395 ) Argentina currency impact — — ( 131 ) Loss on Blue Chip Swap transactions ( 9 ) ( 8 ) ( 110 ) Other, net ( 128 ) ( 227 ) ( 84 ) Income before income taxes 1,771 3,234 3,363 Income tax provision ( 479 ) ( 718 ) ( 701 ) Net income $ 1,292 $ 2,516 $ 2,662 Net income attributable to noncontrolling interest ( 9 ) ( 15 ) ( 24 ) Net income attributable to company $ 1,283 $ 2,501 $ 2,638 Basic net income per share $ 1.50 $ 2.84 $ 2.93 Diluted net income per share $ 1.50 $ 2.83 $ 2.92 Basic weighted average common shares outstanding 853 882 899 Diluted weighted average common shares outstanding 853 883 902 See N otes to Consolidated Financial Statements. HAL 2025 FORM 10-K | 45 Table of Contents HALLIBURTON COMPANY Consolidated Statements of Comprehensiv e Income Year Ended December 31, Millions of dollars 2025 2024 2023 Net income $ 1,292 $ 2,516 $ 2,662 Other comprehensive income (loss), net of income taxes: Defined benefit and other post retirement plans adjustment ( 11 ) ( 26 ) ( 106 ) Other 1 5 5 Other comprehensive loss, net of income taxes ( 10 ) ( 21 ) ( 101 ) Comprehensive income $ 1,282 $ 2,495 $ 2,561 Comprehensive income attributable to noncontrolling interest ( 9 ) ( 16 ) ( 24 ) Comprehensive income attributable to company shareholders $ 1,273 $ 2,479 $ 2,537 See Notes to Consolidated Financial Statements. HAL 2025 FORM 10-K | 46 Table of Contents HALLIBURTON COMPANY Consolidated Balance Sheets December 31, Millions of dollars and shares except per share data 2025 2024 Assets Current assets: Cash and equivalents $ 2,206 $ 2,618 Receivables (net of allowances for credit losses of $805 and $754) 4,942 5,117 Inventories 2,976 3,040 Other current assets 1,274 1,607 Total current assets 11,398 12,382 Property, plant, and equipment (net of accumulated depreciation of $12,616 and $12,461) 5,261 5,113 Goodwill 2,938 2,838 Deferred income taxes 2,298 2,339 Operating lease right-of-use assets 938 1,022 Other assets 2,177 1,893 Total assets $ 25,010 $ 25,587 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 3,133 $ 3,189 Accrued employee compensation and benefits 767 711 Income taxes payable 375 449 Taxes other than income 291 328 Current portion of operating lease liabilities 263 263 Current maturities of long-term debt — 381 Other current liabilities 759 729 Total current liabilities 5,588 6,050 Long-term debt 7,158 7,160 Operating lease liabilities 712 798 Employee compensation and benefits 428 414 Other liabilities 619 617 Total liabilities 14,505 15,039 Shareholders' equity: Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,064 and 1,065 shares) 2,659 2,662 Paid-in capital in excess of par value 112 79 Accumulated other comprehensive loss ( 363 ) ( 353 ) Retained earnings 15,036 14,332 Treasury stock, at cost (229 and 197 shares) ( 6,983 ) ( 6,214 ) Company shareholders' equity 10,461 10,506 Noncontrolling interest in consolidated subsidiaries 44 42 Total shareholders' equity 10,505 10,548 Total liabilities and shareholders' equity $ 25,010 $ 25,587 See Notes to Consolidated Financial Statements. HAL 2025 FORM 10-K | 47 Table of Contents HALLIBURTON COMPANY Consolidated Statements of Cash Flows Year Ended December 31, Millions of dollars 2025 2024 2023 Cash flows from operating activities: Net income $ 1,292 $ 2,516 $ 2,662 Adjustments to reconcile net income to cash flows from operating activities: Depreciation, depletion, and amortization 1,136 1,079 998 Impairments and other charges 831 116 — Deferred income tax provision 23 148 196 Changes in assets and liabilities: Receivables 188 ( 312 ) ( 257 ) Inventories 80 147 ( 303 ) Accounts payable ( 72 ) 62 49 Other operating activities ( 552 ) 109 113 Total cash flows provided by operating activities 2,926 3,865 3,458 Cash flows from investing activities: Capital expenditures ( 1,254 ) ( 1,442 ) ( 1,379 ) Purchase of an equity investment ( 363 ) ( 139 ) — Purchase of investment securities ( 202 ) ( 438 ) ( 492 ) Payments to acquire businesses, net of cash acquired ( 185 ) ( 27 ) ( 13 ) Sales of investment securities 444 214 131 Proceeds from sales of property, plant, and equipment 185 223 195 Sale of an equity investment 120 — — Other investing activities ( 70 ) ( 45 ) ( 101 ) Total cash flows used in investing activities ( 1,325 ) ( 1,654 ) ( 1,659 ) Cash flows from financing activities: Stock repurchase program ( 1,007 ) ( 1,005 ) ( 800 ) Dividends to shareholders ( 579 ) ( 600 ) ( 576 ) Payments on long-term borrowings ( 389 ) ( 100 ) ( 305 ) Proceeds from issuance of common stock 98 105 136 Other financing activities ( 110 ) ( 130 ) ( 126 ) Total cash flows used in financing activities ( 1,987 ) ( 1,730 ) ( 1,671 ) Effect of exchange rate changes on cash ( 26 ) ( 127 ) ( 210 ) Increase (decrease) in cash and cash equivalents ( 412 ) 354 ( 82 ) Cash and equivalents at beginning of period 2,618 2,264 2,346 Cash and equivalents at end of period $ 2,206 $ 2,618 $ 2,264 Supplemental disclosure of cash flow information: Cash payments during the period for: Interest $ 432 $ 441 $ 460 Income taxes $ 639 $ 538 $ 616 See Notes to Consolidated Financial Statements. HAL 2025 FORM 10-K | 48 Table of Contents HALLIBURTON COMPANY Consolidated Statements of Shareholders' Equity Company Shareholders’ Equity Millions of dollars Common Stock Paid-in Capital in Excess of Par Value Treasury Stock Retained Earnings Accumulated Other Comprehensive Loss Noncontrolling Interest in Consolidated Subsidiaries Total Balance at December 31, 2022 $ 2,664 $ 50 $ ( 5,108 ) $ 10,572 $ ( 230 ) $ 29 $ 7,977 Comprehensive income (loss): Net income — — — 2,638 — 24 2,662 Other comprehensive loss — — — — ( 101 ) — ( 101 ) Cash dividends ($0.64 per share) — — — ( 576 ) — — ( 576 ) Stock plans ( 1 ) 13 372 ( 98 ) — — 286 Stock repurchase program — — ( 804 ) — — — ( 804 ) Other — — — — — ( 11 ) ( 11 ) Balance at December 31, 2023 $ 2,663 $ 63 $ ( 5,540 ) $ 12,536 $ ( 331 ) $ 42 $ 9,433 Comprehensive income (loss): Net income — — — 2,501 — 15 2,516 Other comprehensive loss — — — — ( 22 ) 1 ( 21 ) Cash dividends ($0.68  per share) — — — ( 600 ) — — ( 600 ) Stock plans ( 1 ) 16 333 ( 105 ) — — 243 Stock repurchase program — — ( 1,007 ) — — — ( 1,007 ) Other — — — — — ( 16 ) ( 16 ) Balance at December 31, 2024 $ 2,662 $ 79 $ ( 6,214 ) $ 14,332 $ ( 353 ) $ 42 $ 10,548 Comprehensive income (loss): Net income — — — 1,283 — 9 1,292 Other comprehensive loss — — — — ( 10 ) — ( 10 ) Cash dividends ($0.68 per share) — — — ( 579 ) — — ( 579 ) Stock plans ( 3 ) 29 239 — — — 265 Stock repurchase program — — ( 1,008 ) — — — ( 1,008 ) Other — 4 — — — ( 7 ) ( 3 ) Balance at December 31, 2025 $ 2,659 $ 112 $ ( 6,983 ) $ 15,036 $ ( 363 ) $ 44 $ 10,505 See Notes to Consolidated Financial Statements. HAL 2025 FORM 10-K | 49 Table of Contents Item 8 | Notes to Consolidated Financial Statements HALLIBURTON COMPANY Notes to Consolidated Financial Statements Note 1 . Description of Company and Significant Accounting Policies Description of Company Halliburton Company is one of the world's largest providers of products and services to the energy industry. Its predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. We help our customers maximize asset value throughout the lifecycle of the reservoir - from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. We serve major, national, and independent oil and natural gas companies throughout the world and operate under two divisions, which form the basis for the two operating segments we report, the Completion and Production segment and the Drilling and Evaluation segment. Use of estimates Our financial statements are prepared in conformity with United States generally accepted accounting principles, requiring us to make estimates and assumptions that affect:
• the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and
• the reported amounts of revenue and expenses during the reporting period. We believe the most significant estimates and assumptions are associated with the forecasting of our income tax (provision) benefit and the valuation of deferred taxes, legal reserves, long-lived asset valuations, and allowance for credit losses. Ultimate results could differ from our estimates. Basis of presentation The consolidated financial statements include the accounts of our company and all of our subsidiaries that we control or variable interest entities for which we have determined that we are the primary beneficiary. All material intercompany accounts and transactions are eliminated. Investments in companies in which we do not have a controlling interest, but over which we do exercise significant influence, are accounted for using the equity method of accounting, unless we elect the fair value option. If we do not have significant influence and the investment has no readily determinable fair value, we elect the measurement alternative. In addition, certain reclassifications of prior period balances have been made to conform to the current period presentation. Revenue recognition Our services and products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. The vast majority of our service and product contracts are short-term in nature. We recognize revenue based on the transfer of control or our customers' ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. We also assess our customers' ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of our customers. Rates for services are typically priced on a per day, per meter, per man-hour, or similar basis. See Notes to Consolidated Financial Statements, Note 4 for further information on revenue recognition. Research and development We maintain an active research and development program. The program improves products, processes, and engineering standards and practices that serve the changing needs of our customers. Research and development costs are expensed as incurred and wer e $ 411 million in 2025 , $ 426 million in 2024 , and $ 408 million in 2023 . Cash equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Inventories Inventories are stated at the lower of cost or net realizable value. Cost represents invoice or production cost for new items and original cost. Production cost includes material, labor, and manufacturing overhead. Our inventory is recorded on the weighted average cost method. We regularly review inventory quantities on hand and record provisions for excess or obsolete inventory based primarily on historical usage, estimated product demand, and technological developments. HAL 2025 FORM 10-K | 50 Table of Contents Item 8 | Notes to Consolidated Financial Statements Allowance for credit losses We establish an allowance for credit losses through a review of several factors, including historical collection experience, current aging status of the customer accounts, and current financial condition of our customers. Losses are charged against the allowance when the customer accounts are determined to be uncollectible. Property, plant, and equipment Other than those assets that have been written down to their fair values due to impairment, property, plant, and equipment are reported at cost less accumulated depreciation, which is generally provided on the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are often used for tax purposes, when permitted. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized. Planned major maintenance costs are generally expensed as incurred. Expenditures for additions, modifications, and conversions are capitalized when they increase the value or extend the useful life of the asset. Goodwill and other intangible assets We record as goodwill the excess purchase price over the fair value of the tangible and identifiable intangible assets acquired in a business acquisition. Changes in the carrying amount of goodwill are detailed below by reportable segment. Millions of dollars Completion and Production Drilling and Evaluation Total Balance at December 31, 2023: $ 2,032 $ 818 $ 2,850 Current year acquisitions 8 — 8 Other ( 20 ) — ( 20 ) Balance at December 31, 2024: $ 2,020 $ 818 $ 2,838 Current year acquisitions 8 76 84 Other 16 — 16 Balance at December 31, 2025: $ 2,044 $ 894 $ 2,938 The reported amounts of goodwill for each reporting unit are reviewed for impairment on an annual basis, during the third quarter, and more frequently when circumstances indicate an impairment may exist. As a result of our goodwill impairment assessments performed in the years ended December 31, 2025 , 2024 , and 2023 , we determined that the fair value of each reporting unit exceeded its net book value and, therefore, no goodwill impairments were deemed necessary. We amortize other identifiable intangible assets with a finite life on a straight-line basis over the period which the asset is expected to contribute to our future cash flows, ranging from one year to thirty years . The components of these other intangible assets generally consist of patents, license agreements, non-compete agreements, trademarks, and customer lists and contracts. Evaluating impairment of long-lived assets When events or changes in circumstances indicate that long-lived assets other than goodwill may be impaired, an evaluation is performed. For assets classified as held for use, we first group individual assets based on the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets. We then compare estimated future undiscounted cash flows expected to result from the use and eventual disposition of the asset group to its carrying amount. If the asset group's undiscounted cash flows are less than its carrying amount, we then determine the asset group's fair value by using a discounted cash flow analysis and recognize any resulting impairment. When an asset is classified as held for sale, the asset’s book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization is ceased while it is classified as held for sale. See Notes to Consolidated Financial Statements, Note 2 for further information on impairments and other charges. Income taxes We recognize the amount of taxes payable or refundable for the year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will not be realized. HAL 2025 FORM 10-K | 51 Table of Contents Item 8 | Notes to Consolidated Financial Statements In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that we will realize the benefits of these deductible differences, net of the existing valuation allowances. We recognize interest and penalties related to unrecognized tax benefits within the “Income tax provision” in our Consolidated Statements of Operations. Derivative instruments At times, we enter into derivative financial transactions to hedge existing or projected exposures to changing foreign currency exchange rates, interest rates, and credit risk . We do not enter into derivative transactions for speculative or trading purposes. We recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges are adjusted to fair value which are reflected within "Other, net" on our Consolidated Statements of Operations. If the derivative is designated as a hedge, depending on the nature of the hedge, changes in the fair value of derivatives are either offset against:
• the change in fair value of the hedged assets, liabilities, or firm commitments through earnings; or
• recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is recognized in earnings. Recognized gains or losses on derivatives entered into to manage foreign currency exchange risk and credit risk are included in “Other, net” on the Consolidated Statements of Operations. Gains or losses on interest rate derivatives are included in “Interest expense, net.” Foreign currency translation Foreign entities whose functional currency is the U.S. dollar translate monetary assets and liabilities at year-end exchange rates, and nonmonetary items are translated at historical rates. Revenue and expense transactions are translated at the average rates in effect during the year, except for those expenses associated with nonmonetary balance sheet accounts, which are translated at historical rates. Gains or losses from remeasurement of monetary assets and liabilities due to changes in exchange rates are recognized in our Consolidated Statements of Operations in “Other, net” in the year of occurrence. Stock-based compensation Stock-based compensation cost is measured at the date of grant, based on the calculated fair value of the award and is recognized as expense over the employee’s service period, which is generally the vesting period of the equity grant. Additionally, compensation cost is recognized based on awards ultimately expected to vest, therefore, we have reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are estimated at the time of grant and revised in subsequent periods to reflect actual forfeitures. See Notes to Consolidated Financial Statements, Note 14 for additional information related to stock-based compensation . Note 2 . Impairments and Other Charges The following table presents various pre-tax charges we recorded during the years ended December 31, 2025 and 2024 , which are reflected within “Impairments and other charges” on our Consolidated Statements of Operations . Year Ended December 31, Millions of dollars 2025 2024 2023 Severance costs $ 299 $ 63 $ — Impairment of assets held for sale 224 49 — Fixed and Other assets write-offs 115 — — Impairment of real estate facilities 53 — — Equity in earnings loss 50 — — Gain on investment ( 6 ) ( 43 ) — Cybersecurity incident ( 10 ) 35 — Other 106 12 — Total impairments and other charges $ 831 $ 116 $ — HAL 2025 FORM 10-K | 52 Table of Contents Item 8 | Notes to Consolidated Financial Statements For the year ended December 31, 2025 , the charges included $ 299 million of severance costs, $ 224 million of an impairment of assets held for sale related to our chemical business, fixed and other asset write-offs of $ 115 million , a $ 53 million impairment associated with facility closures and lease terminations, $ 50 million equity in earnings loss, and $ 106 million of other charges, primarily related to legacy environmental remediation cost estimate increases. Offsetting these charges were a release of accruals related to a cybersecurity incident from the third quarter of 2024 for $ 10 million and a gain of $ 6 million related to an equity investment. For the year ended December 31, 2024 , the charges included $ 63 million of severance costs, a $ 49 million impairment of assets held for sale , $ 35 million in expenses related to a cybersecurity incident, and $ 12 million of other charges, and were partially offset by a $ 43 million gain related to a fair value adjustment on an equity investment. For the year ended December 31, 2023 , there were no amounts recorded in impairment and other charges. HAL 2025 FORM 10-K | 53 Table of Contents Item 8 | Notes to Consolidated Financial Statements Note 3 . Business Segment and Geographic Information We operate under two divisions, which form the basis for the two operating segments we report: the Completion and Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements of operations, which is part of operating income of the applicable segment. Our company’s chief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief Executive Officer. Our CODM assesses the performance of the two segments and makes resource allocation decisions based on segment revenue and operating income. Operations by business segment The follow ing table presents information on our business segments. Year Ended December 31, Millions of dollars 2025 2024 2023 Revenue: Completion and Production $ 12,782 $ 13,251 $ 13,689 Drilling and Evaluation 9,402 9,693 9,329 Total revenue $ 22,184 $ 22,944 $ 23,018 Operating income: Completion and Production $ 2,128 $ 2,709 $ 2,835 Drilling and Evaluation 1,379 1,608 1,543 Total operations 3,507 4,317 4,378 Corporate and other (a) ( 262 ) ( 255 ) ( 244 ) SAP S4 upgrade expense ( 154 ) ( 124 ) ( 51 ) Impairments and other charges (b) ( 831 ) ( 116 ) — Total operating income $ 2,260 $ 3,822 $ 4,083 Interest expense, net of interest income $ ( 352 ) $ ( 353 ) $ ( 395 ) Loss on Blue Chip Swap transactions ( 9 ) ( 8 ) ( 110 ) Argentina currency impact — — ( 131 ) Other, net (c) ( 128 ) ( 227 ) ( 84 ) Income before income taxes $ 1,771 $ 3,234 $ 3,363 Capital expenditures: Completion and Production $ 741 $ 775 $ 765 Drilling and Evaluation 513 665 613 Corporate and other — 2 1 Total capital expenditures $ 1,254 $ 1,442 $ 1,379 Depreciation, depletion, and amortization: Completion and Production $ 618 $ 588 $ 553 Drilling and Evaluation 496 475 430 Corporate and other 22 16 15 Total depreciation, depletion, and amortization $ 1,136 $ 1,079 $ 998 (a) Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating lease assets, and includes amortization expense associated with intangible assets recorded as a result of acquisitions. (b) Impairments and other charges are as follows: – For the year ended December 31, 2025 , amount includes approximately $ 556 million attributable to Completion and Production, $ 247 million attributable to Drilling and Evaluation, and $ 28 million   attributable to Corporate and other. – For the year ended December 31, 2024 , amount includes approximately $ 45 million attributable to Completion and Production, $ 34 million attributable to Drilling and Evaluation, and $ 37 million attributable to Corporate and other. (c) During the year ended December 31, 2025 , Halliburton incurred a charge of $23 million due to the impairment of an investment in Argentina. During the year ended December 31, 2024 , Halliburton incurred a charge of $82 million primarily due to the impairment of an investment in Argentina and currency devaluation in Egypt. HAL 2025 FORM 10-K | 54 Table of Contents Item 8 | Notes to Consolidated Financial Statements The following table presents significant segment expenses, which represent the difference between segment revenue and segment operatin g income and are regularly reviewed by our CODM . Year Ended December 31, 2025 Millions of dollars Completion and Production Drilling and Evaluation Segment operating expenses: Cost of products, materials, and supplies $ 5,361 $ 3,641 Compensation 1,919 1,908 Depreciation, depletion, and amortization 618 496 Other 2,756 1,978 Total segment operating expenses $ 10,654 $ 8,023 Year Ended December 31, 2024 Millions of dollars Completion and Production Drilling and Evaluation Segment operating expenses: Cost of products, materials, and supplies $ 5,428 $ 3,803 Compensation 1,922 1,865 Depreciation, depletion, and amortization 588 475 Other 2,604 1,942 Total segment operating expenses $ 10,542 $ 8,085 Year Ended December 31, 2023 Millions of dollars Completion and Production Drilling and Evaluation Segment operating expenses: Cost of products, materials, and supplies $ 5,906 $ 3,771 Compensation 1,810 1,750 Depreciation, depletion, and amortization 553 430 Other 2,585 1,835 Total segment operating expenses $ 10,854 $ 7,786 Other segment operating expenses primarily consist of maintenance, overhead allocations, facilities cost, and other miscellaneous costs. HAL 2025 FORM 10-K | 55 Table of Contents Item 8 | Notes to Consolidated Financial Statements The following table presents total assets by segment. December 31, Millions of dollars 2025 2024 Total assets: Completion and Production (a) $ 10,492 $ 11,987 Drilling and Evaluation (a) 7,870 7,806 Corporate and other (b) 6,648 5,794 Total assets $ 25,010 $ 25,587 (a) Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of- use assets, equity in and advances to related companies, and goodwill. (b) Includes primarily cash and equivalents and deferred tax assets. Operations by geographic region The following tables present information by geographic area. In 2025 , 2024 , and 2023 , based on the location of services provided and products sold, 39 % , 40 % , and 44 % , respectively, of our consolidated revenue was from the United States. No other country accounted for more than 10% of our revenue or property, plant, and equipment during the periods presented. As of December 31, 2025 and December 31, 2024 , 42 % and 49 % , respectively, of our property, plant, and equipment was located in the United States. Year Ended December 31, Millions of dollars 2025 2024 2023 Revenue: North America $ 9,066 $ 9,626 $ 10,492 Latin America 3,935 4,211 3,987 Europe/Africa/CIS 3,351 3,003 2,861 Middle East/Asia 5,832 6,104 5,678 Total revenue $ 22,184 $ 22,944 $ 23,018 December 31, Millions of dollars 2025 2024 Net property, plant, and equipment: North America $ 2,291 $ 2,595 Latin America 730 1,002 Europe/Africa/CIS 686 593 Middle East/Asia 1,554 923 Total net property, plant, and equipment $ 5,261 $ 5,113 Note 4 . Revenue Revenue is recognized based on the transfer of control or our customers’ ability to benefit from our services and products in an amount that reflects the consideration we expect to receive in exchange for those services and products. Most of our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration. We also assess our customers’ ability and intention to pay, which is based on a variety of factors, including our historical payment experience with, and the financial condition of, our customers. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 20 to 60 days . Other judgments involved in recognizing revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding amount of revenue to recognize . HAL 2025 FORM 10-K | 56 Table of Contents Item 8 | Notes to Consolidated Financial Statements Disaggregation of revenue We disaggregate revenue from contracts with customers into types of services or products, consistent with our two reportable segments, in addition to geographical area. Based on the location of services provided and products sold, 39 % , 40 % and 44 % of our consolidated revenue was from the United States for the years ended December 31, 2025 , 2024 and 2023 , respectively. No other country accounted for more than 10% of our revenue for those periods. The following table presents information on our disaggregated revenue. Year Ended December 31, Millions of dollars 2025 2024 2023 Revenue by segment: Completion and Production $ 12,782 $ 13,251 $ 13,689 Drilling and Evaluation 9,402 9,693 9,329 Total revenue $ 22,184 $ 22,944 $ 23,018 Revenue by geographic region: North America $ 9,066 $ 9,626 $ 10,492 Latin America 3,935 4,211 3,987 Europe/Africa/CIS 3,351 3,003 2,861 Middle East/Asia 5,832 6,104 5,678 Total revenue $ 22,184 $ 22,944 $ 23,018 Contract balances We perform our obligations under contracts with our customers by transferring services and products in exchange for consideration. The timing of our performance often differs from the timing of our customers’ payment, which results in the recognition of receivables and deferred revenue. Deferred revenue represents advance consideration received from customers for contracts where revenue is recognized on future performance of service. Deferred revenue, as well as revenue recognized during the period relating to amounts included as deferred revenue at the beginning of the period, w as not material to our c onsolidated financial statements. Transaction price allocated to remaining performance obligations Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. We have elected the practical expedient permitting the exclusion of disclosing remaining performance obligations for contracts that have an original expected duration of one year or less. We have some long-term contracts related to software and integrated project management services such as lump sum turnkey contracts. For software contracts, revenue is generally recognized over the duration of the contract period when the software is considered to be a right to access our intellectual property . For lump sum turnkey projects, we recognize revenue over time using an input method, which requires us to exercise judgment. Revenue allocated to remaining performance obl igations for these long-term contracts is not material . HAL 2025 FORM 10-K | 57 Table of Contents Item 8 | Notes to Consolidated Financial Statements Note 5 . Receivables A s o f December 31, 2025 , 31 % of our net trade receivables were from customers in the United States and 8 % were from customers in Mexico . As of December 31, 2024 , 30 % of our net trade receivables were from customers in the United States and 11 % were from customers in Mexico. Receivables from our primary customer in Mexico accounted for approximately 7 % and 8 % of our total receivables as of December 31, 2025 and December 31, 2024 , respectively. While we have experienced payment delays from our primary customer in Mexico, the amounts are not in dispute and we have not historically had, and we do not expect, any material write-offs due to collectability of receivables from this customer. Furthermore, we have entered into CDSs with third-party financial institutions that have an aggregate notional amount outstanding as of December 31, 2025 of $ 592 million , compared to an aggregate notional amount outstanding as of December 31, 2024 of $ 739 million , relate d to borrowings provided by the financial institutions to one of our primary customers in Mexico, of which portions of the proceeds were utilized by this customer to pay certain of our outstanding receivables. See Notes to Consolidated Financial Statements, Not e 16 for further information on these CDSs. No other country or single customer accounted for more than 10 % of our receivables at those dates. We have risk of delayed customer payments and payment defaults associated with customer liquidity issues. We routinely monitor the financial stability of our customers and employ an extensive process to evaluate the collectability of outstanding receivables. This process, which involves judgment and estimates, includes analysis of our customers’ historical time to pay, financial condition and various financial metrics, debt structure, credit ratings, and production profile, as well as political and economic factors in countries of operations and other customer-specific factors. The table below presents a rollforward of our allowance for credit losses for 2023 , 2024 and 2025 . Millions of dollars Balance at Beginning of Period Provision (a) Other (b) Balance at End of Period (c) Year ended December 31, 2023 $ 731 $ 22 $ ( 11 ) $ 742 Year ended December 31, 2024 742 17 ( 5 ) 754 Year ended December 31, 2025 754 57 ( 6 ) 805 (a) Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries. (b) Includes write-offs and other activity. (c) The allowance for credit losses in all years is primarily comprised of a full reserve against accounts receivable with our primary customer in Venezuela. N ote 6 . Leases For operating leases, lease expense for lease payments is recognized on a straight-line basis over the lease term and accretion of the lease liability, while finance leases include both an operating expense and an interest expense component. For all leases with a term of 12 months or less, we recognize lease expense for these short-term leases on a straight-line basis over the lease term. We ar e a lessee for numerous operating leases, primarily related to real estate, transportation, and equipment. The vast majority of our operating leases have remaining lease terms of 10 years or less, some of which include options to extend the leases, and some of which include options to terminate the leases. We generally do not include renewal or termination options in our assessment of the leases unless extension or termination for certain assets is deemed to be reasonably certain. The accounting for some of our leases may require judgment, which includes determining whether a contract contains a lease, determining the incremental borrowing rates to utilize in our net present value calculation of lease payments for lease agreements which do not provide an implicit rate, and assessing the likelihood of renewal or termination options. We also have some lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. For certain equipment leases, such as offshore vessels and drilling rigs, we account for the lease and non-lease components separately. HAL 2025 FORM 10-K | 58 Table of Contents Item 8 | Notes to Consolidated Financial Statements The following tables illustrate the financial impact of our leases as of and for the years ended December 31, 2025 , 2024 , and 2023 , along with other supplemental information about our existing leases: Year Ended December 31, Millions of dollars 2025 2024 2023 Components of lease expense: Finance lease cost: Amortization of right-of-use assets $ 47 $ 37 $ 30 Interest on lease liabilities 31 38 41 Operating lease cost 359 353 337 Short-term lease cost 41 42 35 Sublease income ( 2 ) ( 3 ) ( 2 ) Total lease cost $ 476 $ 467 $ 441 December 31, Millions of dollars 2025 2024 Components of balance sheet: Operating leases: Operating lease right-of-use assets (non-current) $ 938 $ 1,022 Current portion of operating lease liabilities 263 263 Operating lease liabilities (non-current) 712 798 Finance leases: Other assets (non-current) $ 161 $ 139 Other current liabilities 81 44 Other liabilities (non-current) 102 126 Year Ended December 31, Millions of dollars except years and percentages 2025 2024 2023 Other supplemental information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 394 $ 374 $ 354 Operating cash flows for finance leases 31 38 41 Financing cash flows for finance leases 48 33 37 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 281 $ 274 $ 487 Finance leases 74 57 64 Weighted-average remaining lease term: Operating leases 7.3 years 7.9 years 8.2 years Finance leases 3.8 years 4.6 years 5.3 years Weighted-average discount rate for operating leases 5.4 % 5.4 % 5.3 % HAL 2025 FORM 10-K | 59 Table of Contents Item 8 | Notes to Consolidated Financial Statements The following table summarizes the maturity of our operating and finance leases as of December 31, 2025 : Millions of dollars Operating Leases Finance Leases 2026 $ 315 $ 103 2027 199 59 2028 124 27 2029 99 14 2030 79 6 Thereafter 399 15 Total lease payments 1,215 224 Imputed interest ( 240 ) ( 41 ) Total lease payments, net of imputed interest $ 975 $ 183 Note 7 . Inventories Inventories consisted of the following: December 31, Millions of dollars 2025 2024 Finished products and parts $ 1,968 $ 1,956 Raw materials and supplies 884 952 Work in process 124 132 Total inventories $ 2,976 $ 3,040 All amounts in the table above are reported net of obsolescence reserves of $ 54 million at December 31, 2025 and $ 62 million at December 31, 2024 . Note 8 . Accounts Payable We have an agreement with a third party that allows our participating suppliers to finance payment obligations from us with a designated third-party financial institution who act as our paying agent. We have generally extended our payment terms with suppliers to 90 day s. A participating supplier may request the participating financial institution to finance one or more of our payment obligations to such supplier prior to the scheduled due date thereof at a discounted price. We are not required to provide collateral to the financial institution. Our obligations to participating suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers ’ decisions to finance amounts due under these financing arrangements. Our outstanding payment obligations under this agreemen t w as $ 280 million as of December 31, 2025 , and $ 317 million as of December 31, 2024 , and are included in “Accounts payable” on the Consolidated Balance Sheets. The following table presents a rollforward of our supplier finance program obligations: December 31, Millions of dollars 2025 2024 Confirmed obligations outstanding at the beginning of the year $ 317 $ 322 Invoices added during the year 1,082 1,217 Confirmed invoices paid during the year ( 1,119 ) ( 1,222 ) Confirmed obligations outstanding at the end of the year $ 280 $ 317 HAL 2025 FORM 10-K | 60 Table of Contents Item 8 | Notes to Consolidated Financial Statements Note 9 . Property, Plant, and Equipment Property, plant, and equipment were composed of the following: December 31, Millions of Dollars 2025 2024 Land $ 104 $ 119 Buildings and property improvements 1,697 1,751 Machinery, equipment, and other 16,076 15,704 Total property, plant, and equipment 17,877 17,574 Accumulated depreciation ( 12,616 ) ( 12,461 ) Net property, plant, and equipment $ 5,261 $ 5,113 Classes of assets are depreciated over the following useful lives: Buildings and Property Improvements 2025 2024 1    -   10 years 17 % 17 % 11    -   20 years 40 % 40 % 21    -   30 years 26 % 26 % 31    -   40 years 17 % 17 % Machinery, Equipment, and Other 2025 2024 1    -    5 years 45 % 46 % 6    -   10 years 46 % 45 % 11    -   20 years 9 % 9 % Note 10 . Debt Our long-term total de bt consisted of the f ollowing: December 31, Millions of dollars 2025 2024 5.0% senior notes due November 2045 $ 1,887 $ 1,887 2.92% senior notes due March 2030 1,000 1,000 4.85% senior notes due November 2035 997 997 7.45% senior notes due September 2039 938 938 4.75% senior notes due August 2043 846 846 6.7% senior notes due September 2038 763 763 4.5% senior notes due November 2041 469 469 7.6% senior debentures due August 2096 226 226 6.75% senior notes due February 2027 90 90 Other 6 6 Unamortized debt issuance costs and discounts ( 64 ) ( 62 ) Total long-term debt $ 7,158 $ 7,160 Short-term borrowings and current maturities of long-term debt — 381 Total debt $ 7,158 $ 7,541 T here were no short-term borrowings and current maturities of long-term debt as of December 31, 2025 . There were no short-term borrowings and $ 381 million of current maturities of long-term debt as of December 31, 2024 . HAL 2025 FORM 10-K | 61 Table of Contents Item 8 | Notes to Consolidated Financial Statements Senior debt We may redeem all of our senior notes from time to time or all of the notes of each series at any time at the applicable redemption prices, plus accrued and unpaid interest. Our 6.75 % senior notes due February 2027 and 7.6 % senior debentures due August 2096 may not be redeemed prior to maturity . Repurchases of senior debt Our total debt repurchases consisted of the following: December 31, Millions of dollars 2025 2024 4.75% senior notes due August 2043 $ — $ 32 4.5% senior notes due November 2041 — 31 5.0% senior notes due November 2045 — 24 7.45% senior notes due September 2039 — 8 4.85% senior notes due November 2035 — 3 7.6% senior debentures due August 2096 — 2 Total Repurchases $ — $ 100 For the year ended December 31, 2024 , w e used cash on hand to fund these repurchases, which included the principal amount, a net premium or discount, and accrued interest. The remaining principal balance of these instruments of $ 5.4 billion i n the aggregate remains outstanding as of December 31, 2025 . Redemption of 3.8% senior notes due November 2025 In November 2025, we retired the remaining $ 382  million principal amount of our 3.8 % senior notes at their scheduled maturity using cash on hand . Revolving credit facilities On August 18, 2025, we entered into a new $ 3.5 billion five-year revolving facility, which replaced our $3.5 billion revolving credit facility established in April 2022. The revolving credit facility is for general working capital purposes and expires on August 16, 2030. The full amount of the revolving credit facility was available as of December 31, 2025 . Debt maturities Our debt matures as follows: no amounts in 2026 , $ 90 million in 2027 , no amounts in 2028 and 2029 , $ 1.0 billion in 2030 , and the remainder thereafter. Note 11 . Commitments and Contingencies The Company is subject to various legal or governmental proceedings, claims or investigations, including personal injury, property damage, environmental, intellectual property, commercial, tax, and other matters arising in the ordinary course of business, the resolution of which, in the opinion of management, will not have a material adverse effect on our consolidated results of operations or consolidated financial position. There is inherent risk in any legal or governmental proceeding, claim or investigation, and no assurance can be given as to the outcome of these proceedings. Guarantee arrangements In the normal course of business, we have in place agreements with financial institutions under which approximately $ 3.1 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of December 31, 2025 . Some of the outstanding letters of credit have triggering events that would entitle a bank to require cash collateralization. None of these off- balance sheet arrangements either has, or is likely to have, a material effect on our consolidated financial statements. HAL 2025 FORM 10-K | 62 Table of Contents Item 8 | Notes to Consolidated Financial Statements Note 12 . Income Taxes The compone nts of the provision for income taxes on continuing operations were as follows: Year Ended December 31, Millions of dollars 2025 2024 2023 Current income taxes: Federal $ ( 3 ) $ 10 $ ( 21 ) Foreign ( 448 ) ( 571 ) ( 472 ) State ( 5 ) ( 9 ) ( 12 ) Total current income taxes ( 456 ) ( 570 ) ( 505 ) Deferred income taxes: Federal ( 66 ) ( 167 ) ( 123 ) Foreign 10 31 ( 59 ) State 33 ( 12 ) ( 14 ) Total deferred income taxes ( 23 ) ( 148 ) ( 196 ) Income tax provision $ ( 479 ) $ ( 718 ) $ ( 701 ) The United States and foreign components of income from continuing operations before income taxes were as follows: Year Ended December 31, Millions of dollars 2025 2024 2023 United States $ 762 $ 1,695 $ 1,666 Foreign 1,009 1,539 1,697 Total income from continuing operations before income taxes $ 1,771 $ 3,234 $ 3,363 HAL 2025 FORM 10-K | 63 Table of Contents Item 8 | Notes to Consolidated Financial Statements Reconciliations between the actual provision for income taxes on continuing operations and that computed by applying the United States statutory rate to income from continuing operations before income taxes were as follows: Year Ended December 31, Millions of dollars 2025 U.S. Federal Statutory Tax Rate $ 372 21.0 % State and Local Income Tax, Net of Federal Income Tax Effect (a) ( 24 ) ( 1.4 ) Foreign Tax Effects Argentina Intercompany Withholding Tax 33 1.9 Other 15 0.8 Brazil 27 1.5 Cayman Islands Statutory Tax Rate Difference Between Cayman Islands and United States 29 1.6 Mexico Foreign Exchange / Inflation Adjustment ( 26 ) ( 1.5 ) Other 28 1.6 Norway 23 1.3 Saudi Arabia Intercompany Withholding Tax 32 1.8 Other ( 3 ) ( 0.2 ) Singapore Statutory Tax Rate Difference Between Singapore and United States ( 35 ) ( 2.0 ) Other 25 1.4 United Arab Emirates ( 19 ) ( 1.1 ) Other Foreign Jurisdictions 125 7.0 Domestic Federal Reconciling Items Effect of Cross-Border Tax Laws Foreign Derived Intangible Income Deduction ( 135 ) ( 7.6 ) Global Intangible Low-Taxed Income 23 1.3 Other 10 0.6 Tax Credits Foreign Tax Credit ( 146 ) ( 8.2 ) Research & Development Credit ( 50 ) ( 2.8 ) Changes in Valuation Allowances 176 9.9 Nontaxable or Nondeductible items 32 1.8 Other Adjustments ( 5 ) ( 0.1 ) Changes in Unrecognized Tax Benefits ( 28 ) ( 1.6 ) Effective Tax Rate $ 479 27.0 % (a) During the year ended December 31, 2025, state and local income taxes in Texas comprise the majority (greater than 50 percent) of the state and local income taxes, net of federal effect category. HAL 2025 FORM 10-K | 64 Table of Contents Item 8 | Notes to Consolidated Financial Statements Year Ended December 31, 2024 2023 United States statutory rate 21.0 % 21.0 % Valuation allowance against tax assets ( 2.1 ) 0.8 Impact of foreign income taxed at different rates 4.7 0.2 State income taxes 0.6 0.7 Impact of impairments and other charges 0.6 0.6 Adjustments of prior year taxes ( 2.5 ) ( 1.3 ) Other items, net ( 0.1 ) ( 1.2 ) Total effective tax rate on continuing operations 22.2 % 20.8 % During the year ended December 31, 2025 , we recorded a total income tax provision of $ 479 million  on pre-tax income of $ 1.8 billion , resulting in an effective tax rate of 27.0 % . The effective tax rate for 2025 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and changes of valuation allowance on some of our deferred tax assets, and discrete tax benefit from the Foreign-Derived Intangible Income (FDII) deduction attributable to a royalty prepayment. During the year ended December 31, 2024 , we recorded a total income tax provision of $ 718 million  on pre-tax income of $ 3.2 billion , resulting in an effective tax rate of 22.2 % . The effective tax rate for 2024 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and valuation allowances on some of our deferred tax assets. During the year ended December 31, 2023 , we recorded a total income tax provision of $ 701 million  on pre-tax income of $ 3.4 billion , resulting in an effective tax rate of 20.8 % . The effective tax rate for 2023 was primarily impacted by our geographic mix of earnings, tax adjustments related to the reassessment of prior year tax accruals, and valuation allowances on some of our deferred tax assets. The primary components of our deferred tax assets and liabilities were as follows: December 31, Millions of dollars 2025 2024 Gross deferred tax assets: Foreign tax credit carryforwards $ 790 $ 950 Intangible assets 679 727 Operating and capital loss carryforwards 629 581 Royalty prepayment 239 — Accrued liabilities 233 227 Employee compensation and benefits 157 170 Research and development tax credit carryforwards 86 85 Other 813 639 Total gross deferred tax assets 3,626 3,379 Gross deferred tax liabilities: Depreciation and amortization 197 164 Operating lease right-of-use assets 133 144 Other 63 50 Total gross deferred tax liabilities 393 358 Valuation allowances 943 718 Net deferred income tax asset $ 2,290 $ 2,303 At December 31, 2025 , we had $ 635  million of domestic and foreign tax-effected operating and capital loss carryforwards, with approximately $ 6  million estimated to be utilized against our unrecognized tax benefits. In addition, we had approximately $ 819 million of foreign tax credit carryforwards which are offset by $ 29  million of foreign branch deferred activity and unrecognized tax benefits reflected in the table above. The ultimate realization of these deferred tax assets depends on our ability to generate sufficient taxable income in the appropriate taxing jurisdiction. HAL 2025 FORM 10-K | 65 Table of Contents Item 8 | Notes to Consolidated Financial Statements Our def erred tax assets from operating and capital losses , foreign tax credits, and research and development credits will expire as follows: Millions of dollars U.S. Net Operating Loss Foreign Operating and Capital Loss Foreign Tax Credits Research and Development Credit Total Deferred Tax Assets 2026-2030 $ 5 $ 69 $ 430 $ — $ 504 2031-2035 6 24 353 — 383 2036-2045 13 68 36 85 202 Non-Expiring 13 437 — — 450 $ 37 $ 598 $ 819 $ 85 $ 1,539 We have not recorded incremental U.S. income taxes or foreign withholding taxes on the undistributed earnings of foreign subsidiaries subsequent to December 31, 2017. Under ASC 740, income taxes are generally not provided on such undistributed earnings to the extent they are either not expected to be subject to tax upon repatriation or are considered to be indefinitely reinvested. For the year ended December 31, 2025 , the “One Big Beautiful Bill Act,” was introduced which included federal tax law revisions that affected the Company’s ability to utilize Foreign Tax Credits ( FTC). Companies were required to recognize the effects of changes in tax laws in the period in which the new legislation is enacted. As a result, the Company reassessed the realizability of its FTC carryforwards and recorded an additional valuation allowance of $125 million against its FTC deferred tax assets. The following table presents a rollforward of our unrecognized tax benefits and associated interest and penalties. Millions of dollars Unrecognized Tax Benefits Interest and Penalties Balance at January 1, 2023 $ 311 $ 64 Change in prior year tax positions ( 38 ) ( 10 ) Change in current year tax positions 8 1 Cash settlements with taxing authorities ( 4 ) ( 3 ) Lapse of statute of limitations ( 9 ) ( 3 ) Balance at December 31, 2023 $ 268 (a) $ 49 Change in prior year tax positions ( 68 ) — Change in current year tax positions 10 1 Cash settlements with taxing authorities ( 1 ) ( 1 ) Lapse of statute of limitations ( 13 ) ( 4 ) Balance at December 31, 2024 $ 196 (a) $ 45 Change in prior year tax positions 40 3 Change in current year tax positions 15 2 Cash settlements with taxing authorities ( 11 ) — Lapse of statute of limitations ( 70 ) ( 8 ) Balance at December 31, 2025 $ 170 (a)(b) $ 42 (a) Includes $ 36 million as of December 31, 2025 , $ 40 million as of December 31, 2024 , and $ 43 million as of December 31, 2023 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2025 , December 31, 2024 , and December 31, 2023 , a net $ 119 million , $ 137 million and $ 192 million after a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor. (b) Includes $ 24 million as of December 31, 2025 that we believe could be resolved within the next 12 months. HAL 2025 FORM 10-K | 66 Table of Contents Item 8 | Notes to Consolidated Financial Statements Income taxes paid (net of refunds received) were as follows: Year Ended December 31, Million of dollars 2025 US Federal $ 27 US State and Local 9 Foreign Mexico 112 Saudi Arabia 76 Other 415 Foreign Subtotal 603 Total $ 639 Our tax returns are subject to review by the taxing authorities in the jurisdictions where we file tax returns. In most cases we are no longer subject to examination by tax authorities for years before 2014 . The only significant operating jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. The United States federal income tax filings for tax years 2016 through 2024 are currently under review or remain open for review by the IRS. As of December 31, 2025 , the primary unresolved issue for the IRS audit for 2016 relates to the classification of the $ 3.5  billion ordinary deduction that we claimed for the termination fee we paid to Baker Hughes in the second quarter of 2016 for which we received a NOPA from the IRS on September 28, 2023 . We regularly assess the likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe our income tax reserves are appropriately provided for all open tax years. We do not expect a final resolution of this issue in the next 12 months. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies within the next 12 months. HAL 2025 FORM 10-K | 67 Table of Contents Item 8 | Notes to Consolidated Financial Statements Note 13 . Shareholders' Equity Shares of common s tock The following table summarizes total shares of common stock outstanding: December 31, Millions of shares 2025 2024 Issued 1,064 1,065 In treasury ( 229 ) ( 197 ) Total shares of common stock outstanding 835 868 Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. The program does not require a specific number of shares to be purchased and the program may be effected through solicited or unsolicited transactions in the market or in privately negotiated transactions. The program may be terminated or suspended at any time. We purchased 42.4  million shares of our common stock under the program during the year ended December 31, 2025 . During the year ended December 31, 2024 , we purchased 30.5  million shares of our common stock under the program. Approximately $ 2.0 billion remained authorized for repurchases as of December 31, 2025 . From the inception of this program in February 2006 through December 31, 2025 , we repurchased approximately 326 million shares of our common stock for a total cost of approximately $ 12.1 billion . Paid-in Capital in Excess of Par Value During 2025 , 2024 and 2023 , we issued common stock from treasury shares under our employee stock purchase plan awards and for restricted stock grants. As a result, for the years ended December 31, 2024 and 2023, additional paid in capital would have resulted in a balance below zero; therefore, we reduced retained earnings by $ 105 million and $ 98 million , respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings. Preferred stock Our preferred stock consists of 5 million total authorized shares at December 31, 2025 , of which none are issued. Accumulated other comprehensive loss Accumulated other comprehensive loss consisted of the following: December 31, Millions of dollars 2025 2024 Cumulative translation adjustments $ ( 81 ) $ ( 82 ) Defined benefit and other postretirement liability adjustments (a) ( 245 ) ( 234 ) Other ( 37 ) ( 37 ) Total accumulated other comprehensive loss $ ( 363 ) $ ( 353 ) (a) Included net actuarial losses for our international pension plans of $ 243 million at December 31, 2025 and $ 233 million at December 31, 2024 . HAL 2025 FORM 10-K | 68 Table of Contents Item 8 | Notes to Consolidated Financial Statements Note 14 . Stock-based Compensation The following table summarizes stock-based compensation costs for the years ended December 31, 2025 , 2024 , and 2023 . Year Ended December 31, Millions of dollars 2025 2024 2023 Stock-based compensation cost $ 213 $ 223 $ 219 Tax benefit ( 36 ) ( 38 ) ( 36 ) Stock-based compensation cost, net of tax $ 177 $ 185 $ 183 Our Stock and Incentive Plan, as amended (Stock Plan), provides for the grant of any or all of the following types of stock-based awards:
• stock options, including incentive stock options and nonqualified stock options;
• restricted stock awards;
• restricted stock unit awards;
• stock appreciation rights; and
• stock value equivalent awards. There are currently no stock appreciation rights, stock value equivalent awards, or incentive stock options outstanding. Under the terms of the Stock Plan, approximately 284 million shares of common stock have been reserved for issuance to employees and non-employee directors. At December 31, 2025 , approximately 16 million shares were available for future grants under the Stock Plan. The stock to be offered pursuant to the grant of an award under the Stock Plan may be authorized but unissued common shares or treasury shares. In addition to the provisions of the Stock Plan, we also have stock-based compensation provisions under the Restricted Stock Plan for Non-Employee Directors and the Employee Stock Purchase Plan (ESPP). Each of the active stock-based compensation arrangements is discussed below. Stock options There were no stock options granted during 2025 and there are no plans to grant stock options in 2026 . All stock options under the Stock Plan were granted at the fair market value of our common stock at the grant date. Employee stock options generally vest ratably over a period of three years and expire ten years from the grant date. Compensation expense for stock options is generally recognized on a straight-line basis over the entire vesting period. The following table represents our stock options activity during 2025 . Number of Shares (in millions) Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding at January 1, 2025 10.4 $ 41.75 Exercised — 24.73 Forfeited/expired ( 2.4 ) 43.71 Outstanding at December 31, 2025 8.0 $ 41.23 1.9 $ 5.8 Exercisable at December 31, 2025 8.0 $ 41.23 1.9 $ 5.8 The total intrinsic value of options exercised was $ 103,000 in 2025 , $ 3 million in 2024 , and $ 20 million in 2023 . As of December 31, 2025 , there was no unrecognized compensation cost, net of estimated forfeitures, related to nonvested stock options. Cash received from issuance of common stock for 2025 , 2024 , and 2023 was $ 98 million , $ 105 million , and $ 136 million , respectively, of which $ 1 million , $ 9 million , and $ 48 million , respectively, are related to proceeds from exercises of stock options. All other cash received from issuance of common stock during 2025 , 2024 and 2023 relates to cash proceeds from the issuance of shares under our employee stock purchase plan. HAL 2025 FORM 10-K | 69 Table of Contents Item 8 | Notes to Consolidated Financial Statements The fair value of options at the date of grant was estimated using the Black-Scholes option pricing model. The expected volatility of options granted was a blended rate based upon implied volatility calculated on actively traded options on our common stock and upon the historical volatility of our common stock. The expected term of options granted was based upon historical observation of actual time elapsed between date of grant and exercise of options for all employees. There were no stock options granted for the years ended December 31, 2025 , 2024 , and 2023 . Restricted stock Restricted shares issued under the Stock Plan are restricted as to sale or disposition. These restrictions generally lapse periodically over a period of five years . Restrictions may also lapse for early retirement and other conditions in accordance with our established policies. Upon termination of employment, shares on which restrictions have not lapsed must be returned to us, resulting in restricted stock forfeitures. The fair market value of the stock on the date of grant is amortized and charged to income on a straight-line basis over the requisite service period for the entire award. In 2025 , we also granted performance based restricted stock units, with the actual number of shares earned to be determined at the end of a three year performance period based on our achievement of certain predefined targets. These targets are based upon our average return on capital employed and a modifier based upon stock performance, as compared to certain competitors. A Monte Carlo simulation that uses a probabilistic approach was performed by an actuary to measure grant date fair value. The fair value of these performance based restricted stock units is recognized on a straight-line basis over the three year performance cycle. The following table represents our restricted stock awards and restricted stock units granted, vested, and forfeited during 2025 . . Number of Shares (in millions) Weighted Average Grant-Date Fair Value per Share Nonvested shares at January 1, 2025 19.5 $ 31.64 Granted 7.8 22.95 Vested ( 6.9 ) 29.18 Forfeited ( 1.7 ) 30.84 Nonvested shares at December 31, 2025 18.7 $ 29.01 The weighted average grant-date fair value of shares granted was $ 22.95 during 2025 , $ 36.76 during 2024 , and $ 31.73 during 2023 . The total fair value of shares vested was $ 162 million during 2025 , $ 263 million during 2024 , and $ 283 million during 2023 . As of December 31, 2025 , there was $ 358 million of unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock, which is expected to be recognized over a weighted average period of three years. Employee Stock Purchase Plan Under the ESPP, eligible employees may have up to 10 % of their earnings withheld, subject to some limitations, to be used to purchase shares of our common stock. The ESPP contains four three-month offering periods commencing on January 1, April 1, July 1, and October 1 of each year. The price at which common stock may be purchased under the ESPP in 2023 , 2024 , and 2025 is equal to 90 % of the lower of the fair market value of the common stock on the commencement date or last trading day of each offering period. Under the ESPP, 104 million shares of common stock have been reserved for issuance, of which 84 million shares have been sold through the ESPP since the inception of the plan through December 31, 2025 and 20 million shares are available for future issuance. The stock to be offered may be authorized but unissued common shares or treasury shares. The fair value of ESPP shares was estimated using the Black-Scholes option pricing model. The expected volatility was a one-year historical volatility of our common stock. The assumptions and resulting fair values were as follows: Year Ended December 31, 2025 2024 2023 Expected volatility 35 % 30 % 48 % Expected dividend yield 2.78 % 2.00 % 1.44 % Risk-free interest rate 4.28 % 5.24 % 5.11 % Weighted average grant-date fair value per share $ 4.17 $ 5.60 $ 7.16 HAL 2025 FORM 10-K | 70 Table of Contents Item 8 | Notes to Consolidated Financial Statements Note 15 . Income per Share Basic income or loss per share is based on the weighted average number of common shares outstanding during the period. Diluted income per share includes additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Antidilutive securities represent potentially dilutive securities which are excluded from the computation of diluted income or loss per share as their impact was antidilutive. A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows: Year Ended December 31, Millions of shares 2025 2024 2023 Basic weighted average common shares outstanding 853 882 899 Dilutive effect of awards granted under our stock incentive plans — 1 3 Diluted weighted average common shares outstanding 853 883 902 Antidilutive shares: Weighted average options with exercise price greater than the average market price 9 10 12 Total antidilutive shares 9 10 12 Note 16 . Financial Instruments and Risk Management The carrying amount of cash and equivalents, receivables, and accounts payable, as reflected in the Consolidated Balance Sheets, approximates fair value due to the short maturities of these instruments. The carrying amount and fair value of our total debt is as follows : December 31, 2025 December 31, 2024 Millions of dollars Level 1 Level 2 Total fair value Carrying value Level 1 Level 2 Total fair value Carrying value Total debt $ 6,722 $ 357 $ 7,079 $ 7,158 $ 4,503 $ 2,825 $ 7,328 $ 7,541 The total fair value of our debt decreased during 2025 primarily as a result of the retirement of the outstanding principal of our 3.8% senior notes at their scheduled maturity, as discussed in Notes to Consolidated Financial Statements, Note 10 . Our debt categorized within level 1 on the fair value hierarchy is calculated using quoted prices in active markets for identical liabilities with transactions occurring on the last two days of period-end. Our debt categorized within level 2 on the fair value hierarchy is calculated using significant observable inputs for similar liabilities where estimated values are determined from observable data points on our other bonds and on other similarly rated corporate debt or from observable data points of transactions occurring prior to two days from period-end and adjusting for changes in market conditions. Differences between the periods presented in our level 1 and level 2 classification of our long-term debt relate to the timing of when third- party market transactions on our debt are executed. We have no debt categorized within level 3 on the fair value hierarchy. We are exposed to market risk from changes in foreign currency exchange rates, interest rates, and credit risk. We selectively manage these exposures t hrough the use of derivative instruments, including forward foreign exchange contracts, foreign exchange options, interest rate swaps, and CDS’s. The objective of our risk management strategy is to minimize the volatility from fluctuations in foreign currency and interest rates. We do not use derivative instruments for trading purposes. The fair value of our forward contracts, options, and interest rate swaps was not material as of December 31, 2025 or December 31, 2024 . The counterparties to our derivatives are primarily global commercial and investment banks. Foreign currency exchange risk We have operations in many international locations and are involved in transactions denominated in currencies other than the U.S. dollar , our functional currency, which exposes us to foreign currency exchange rate risk. Techniques in managing foreign currency exchange risk include, but are not limited to, foreign currency borrowing and investing, and the use of currency exchange instruments. We attempt to selectively manage significant exposures to potential foreign currency exchange losses based on current market conditions, future operating activities, and the associated cost in relation to the perceived risk of loss. The purpose of our foreign currency risk management activities is to minimize the risk that our cash flows from the purchase and sale of products and services in foreign currencies will be adversely affected by changes in exchange rates. HAL 2025 FORM 10-K | 71 Table of Contents Item 8 | Notes to Consolidated Financial Statements We use forward contracts and options to manage our exposure to fluctuations in the currencies of certain countries in which we do business internationally. These instruments are not treated as hedges for accounting purposes, generally have an expiration date of one year or less, and are not exchange traded. While these instruments are subject to fluctuations in value, the fluctuations are generally offset by the value of the underlying exposures being managed. The use of some of these instruments may limit our ability to benefit from favorable fluctuations in foreign currency exchange rates. Derivatives are not utilized to manage exposures in some currencies due primarily to the lack of available markets, cost considerations, or immaterial exposures (non-hedged currencies). We attempt to minimize foreign currency exposure in non-hedged currencies and recognize that pricing for the services and products offered in these countries should account for the cost of exchange rate devaluations. The notional amounts of open foreign exchange derivatives were $ 840 million at December 31, 2025 and $ 781 million at December 31, 2024 . The notional amounts of these instruments do not generally represent amounts exchanged by the parties, and thus are not a measure of our exposure or of the cash requirements related to these contracts. The fair value of our foreign exchange derivatives as of December 31, 2025 and December 31, 2024 is included in both "Other current assets" and in "Other current liabilities" in our Consolidated Balance Sheets and was immaterial. The fair value of these instruments is categorized within level 2 on the fair value hierarchy and was determined using a market approach with certain inputs, such as notional amounts hedged, exchange rates, and other terms of the contracts that are observable in the market or can be derived from or corroborated by observable data. Interest rate risk We are subject to interest rate risk on our debt and investment portfolios. We had fixed rate long-term debt totaling $ 7.2 billion at December 31, 2025 and December 31, 2024 . We maintain an interest rate management strategy that is intended to mitigate the exposure to changes in interest ra tes . As of December 31, 2025 and December 31, 2024 , we did not have any interest rate swaps outstanding. Credit risk Financial instruments that potentially subject us to concentrations of credit risk are primarily cash equivalents and net trade receivables. It is our practice to place our cash equivalents in high quality investments with various institutions. Our net trade receivables are from a broad and diverse group of customers and are generally not collateralized. As of December 31, 2025 , 31 % of our net trade receivables were from customers in the United States and 8 % were from customers in Mexico. As of December 31, 2024 , 30 % of our net trade receivables were from customers in the United States and 11 % were from customers in Mexico. We maintain an allowance for credit losses based upon several factors, including historical collection experience, current aging status of the customer accounts and financial condition of our customers. See Notes to Consolidated Financial Statements, Note 5 for further information on receivables. We have entered into CDSs with third-party financial institutions that had an aggregate notional amount outstanding as of December 31, 2025 of $ 592 million , compared to an aggregate notional amount outstanding as of December 31, 2024 of $ 739 million , related to borrowings provided by the financial institutions to one of our primary customers in Mexico, of which a portion of the proceeds were then utilized by this customer to pay certain of our outstanding receivables. Approximately $ 455 million of the outstanding amount of the CDSs reduces monthly over its remaining 9 -month term and $ 75 million reduces monthly over its remaining 6 -month term . The remaining $ 62 million outstanding amount reduces monthly over its remaining 2 -month term. The fair value of the derivative liabilities was not material to our financial condition as of December 31, 2025 . We do not have any significant concentrations of credit risk with any individual counterparty to our derivative contracts. We select counterparties to those contracts based on our belief that each counterparty’s profitability, balance sheet, and capacity for timely payment of financial commitments is unlikely to be materially adversely affected by foreseeable events. HAL 2025 FORM 10-K | 72 Table of Contents Item 8 | Notes to Consolidated Financial Statements Note 17 . Retirement Plans Our company and subsidiaries have various plans that cover a significant number of our employees. These plans include defined contribution plans, defined benefit plans, and other postretirement plans:
• Our defined contribution plans provide retirement benefits in return for services rendered. These plans provide an ind ividual account for each participant and have terms that specify how contributions to the participant’s account are to be determined rath er than the amount of pension benefits the participant is to receive. Contributions to these plans are based on a percentage of pre-tax income, after-tax income, or discretionary amounts determined on an annual basis. Our expense for the defined contribution plans totaled $ 206 million in 2025 , $ 182 million in 2024 , and $ 181 million in 2023 . The increase in expense from 2024 to 2025 was primarily driven by higher discretionary employer contributions, along with increases in employee headcount and employer contribution rates in certain foreign locations.
• Our defined benefit plans, which include both overfunded and underfunded pension plans, define an amount of pension benefit to be provided, usually as a function of age, years of service and/or compensation. The underfunded obligations and net periodic benefit cost of our United States defined benefit plans were not material for the periods presented.
• Our postretirement plans other than pensions are offered to specific eligible employees. The accumulated benefit obligations (ABO) and net periodic benefit cost for these plans were not material for the periods presented. -  I n 2024, the Trustees of the Company’s United Kingdom (U.K.) defined benefit plan executed an annuity buy-in with a third-party insurance company with no affiliation with the Company. All pension obligations will be funded by the insurer’s annuity payments. However, the plan retains full legal responsibility to pay the benefits to plan participants using the insurance payments. As the plan maintains full legal responsibility, and the insurance contract is considered an asset of the plan, accordingly, the arrangement did not meet the settlement criteria of ASC 715. The policy is carried at fair value within plan assets and presented as a level 3 in the fair value table below. Fair value is determined using a quote from an insurance company, reflecting prevailing market conditions for similar transactions. Changes in the fair value of the policy are reflected in actual return on plan assets. Funded status For our international pension plans, at December 31, 2025 , the projected benefit obligation (PBO) was $ 783 million and the fair value of plan assets was $ 583 million , which resulted in an underfunded obligation of $ 200 million . At December 31, 2024 , the PBO was $ 773 million and the fair value of plan assets was $ 594 million , which resulted in an underfunded obligation of $ 179 million . The ABO for our international plans was $ 698 million at December 31, 2025 and $ 694 million at December 31, 2024 . Despite an increase in the Company’s weighted‑average discount rate, the localized actuarial changes in a few countries created upward pressure on pension obligations, resulting in a net increase in PBO and ABO compared to the prior year. The following table presents additional information about our international pension plans. December 31, Millions of dollars 2025 2024 Amounts recognized on the Consolidated Balance Sheets Other assets $ 3 $ 11 Accrued employee compensation and benefits 9 11 Employee compensation and benefits 193 177 Pension plans in which projected benefit obligation exceeded plan assets Projected benefit obligation $ 213 $ 200 Fair value of plan assets 11 12 Pension plans in which accumulated benefit obligation exceeded plan assets Accumulated benefit obligation $ 127 $ 122 Fair value of plan assets 11 12 Fair value measurements of plan assets The fair value of our plan assets categorized within level 1 on the fair value hierarchy is based on quoted prices in active markets for identical assets. The fair value of our plan assets categorized within level 2 on the fair value hierarchy is based on significant observable inputs for similar assets. The fair value of our plan assets categorized within level 3 on the fair value hierarchy is based on significant unobservable inputs. HAL 2025 FORM 10-K | 73 Table of Contents Item 8 | Notes to Consolidated Financial Statements The following table sets forth the fair values of assets held by our international pension plans by level within the fair value hierarchy. Millions of dollars Level 1 Level 2 Level 3 Net Asset Value (a) Total Cash and equivalents $ 4 $ 4 $ — $ — $ 8 Bond funds (b) — 4 — — 4 Real estate funds (c) — — — — — Other investments (d) 1 9 561 — 571 Fair value of plan assets at December 31, 2025 $ 5 $ 17 $ 561 $ — $ 583 Cash and equivalents $ — $ — $ — $ — $ — Bond funds (b) — 11 — — 11 Real estate funds (c) — — — 8 8 Other investments (d) 1 9 565 — 575 Fair value of plan assets at December 31, 2024 $ 1 $ 20 $ 565 $ 8 $ 594 (a) Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plan assets. (b) Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality. (c) Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate. (d) Other investments consist of insurance contracts, a buy-in annuity insurance contract, non-US equities, and government bonds. The fair value of the buy-in annuity insurance contract is determined using a quote provided by an insurance company, reflecting prevailing market conditions for similar transactions. Level 3 Rollforward The following presents our Level 3 Rollforward for buy-in annuity insurance contract for 2025 and 2024 . Millions of dollars 2025 2024 Balance at the beginning of the year $ 565 $ 2 Purchase of insurance contract — 590 Return on assets 23 ( 18 ) Payment from the insurance policy ( 27 ) ( 9 ) Balance at the end of the year $ 561 $ 565 Risk management practices for these plans include diversification by issuer, industry, and geography, where permitted, as well as by asset classes and investment managers. Our U.K. pension plan, which constituted 72 % of our international pension plans’ PBO at December 31, 2025 , is no longer accruing service benefits and completed a pension buy-in transaction during 2024 entering into a bulk annuity contract with an insurance company. The bulk annuity contract effectively covers all benefit payments to members. The investments backing the contract are invested at the discretion of the insurance company, which assumes the investment risk associated with these assets. Net periodic benefit cost Net periodic benefit cost for our international pension plans was $ 57 million in 2025 , $ 43 million in 2024 , and $ 32 million in 2023 . HAL 2025 FORM 10-K | 74 Table of Contents Item 8 | Notes to Consolidated Financial Statements Actuarial assumptions Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension plans at December 31 were as follows: 2025 2024 Discount rate 5.4 % 5.3 % Rate of compensation increase 5.1 % 4.9 % Certain weighted-average actuarial assumptions used to determine net periodic benefit cost of our international pension plans for the years ended December 31 were as follows: 2025 2024 2023 Discount rate 5.3 % 5.1 % 5.6 % Expected long-term return on plan assets 4.9 % 4.0 % 3.8 % Rate of compensation increase 4.9 % 2.9 % 5.4 % Assumed long-term rates of return on plan assets, discount rates for estimating benefit obligations, and rates of compensation increases vary by plan according to local economic conditions. Where possible, discount rates were determined based on the prevailing market rates of a portfolio of high-quality debt instruments with maturities matching the expected timing of the payment of the benefit obligations. Expected long-term rates of return on plan assets were determined based upon an evaluation of our plan assets and historical trends and experience, taking into account current and expected market conditions. Other information Contributions. Funding requirements for each plan are determined based on the local laws of the country where such plan resides. In certain countries the funding requirements are mandatory, while in other countries they are discretionary. We currently expect to contribute $ 1 million to our international pension plans in 2026 . Benefit payments. Expected benefit payments over the next 10 years for our international pension plans are as follows: $ 46 million in 2026 , $ 39 million in 2027 , $ 42 million in 2028 , $ 43 million in 2029 , $ 45 million in 2030 , and an aggregate $ 268 million in years 2031 through 2035 . Note 18 . New Accounting Pronouncements In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2024-03 (Subtopic 220-40), “Disaggregation of Income Statement Expenses”, which requires additional disclosure of certain expense captions presented on the face of the Company’s income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and should be applied on a prospective or retrospective basis, with early adoption permitted. We continue to evaluate the effect that adoption of ASU 2024-03 will have on our disclosures. HAL 2025 FORM 10-K | 75 Table of Contents Item 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. None. Item 9(a). Controls and Procedures. In accordance with the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15, we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Off icer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2025 to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Our disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. There has been no change in our internal control over financial reporting that occurred during the three months ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. See page 40 for Management’s Report on Internal Control Over Financial Reporting and pa ge 43 for Report of Independent Registered Public Accounting Firm on its assessment of our internal control over financial reporting. Item 9(b). Other Information. During the quarter ended December 31, 2025 , no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S- K. Item 9(c). Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. HAL 2025 FORM 10-K | 76 Table of Contents Item 10 | Directors, Executive Officers and Corporate Governance PART III Item 10. Directors, Executive Officers, and Corporate Governance. The information required for the directors of the Registrant is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492) under the captions “Election of Directors” and “Involvement in Certain Legal Proceedings.” The information required for the directors and executive officers of the Registrant is included under Part I on pages 7 and 8 of this annual report. The information required for a delinquent form required under Section 16(a) of the Securities Exchange Act of 1934 is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Delinquent Section 16(a) Reports,” to the extent any disclosure is required. The information for our code of ethics is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Corporate Governance.” The information regarding procedures by which security holders may recommend nominees to the registrant’s board of directors is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Shareholder Nominations of Directors.” The information regarding our Audit Committee and the independence of its members, along with information about the audit committee financial expert(s) serving on the Audit Committee, is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492) under the caption “The Board of Directors and Standing Committees of Directors.” The information regarding insider trading arrangements is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Insider Trading Policies” and also within our Company’s policies titled “Use of Material Nonpublic Information, Securities Trading Windows, and Hedging and Pledging of Company Securities,” and “Securities Trading of Company Securities by the Company,” which are filed as Exhibit 19.1 and Exhibit 19.2, respectively, to this annual report. Item 11. Executive Compensation. This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492) under the captions “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Summary Compensation Table,” “Grants of Plan-Based Awards in Fiscal 2025 ,” “Outstanding Equity Awards at Fiscal Year End 2025 ,” “ 2025 Option Exercises and Stock Vested,” “ 2025 Nonqualified Deferred Compensation,” “Employment Contracts and Change-in-Control Arrangements,” “Post-Termination or Change-in-Control Payments,” “Directors’ Compensation” and “CEO Pay Ratio.” Item 12(a). Security Ownership of Certain Beneficial Owners. This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Stock Ownership of Certain Beneficial Owners and Management.” Item 12(b). Security Ownership of Management. This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Stock Ownership of Certain Beneficial Owners and Management.” Item 12(c). Changes in Control. Not applicable. Item 12(d). Securities Authorized for Issuance Under Equity Compensation Plans. This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Equity Compensation Plan Information.” Item 13. Certain Relationships and Related Transactions, and Director Independence. This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492) under the caption “Corporate Governance” to the extent any disclosure is required, and under the caption “The Board of Directors and Standing Committees of Directors.” HAL 2025 FORM 10-K | 77 Table of Contents Item 14 | Principal Accounting Fees and Services Item 14. Principal Accounting Fees and Services. This information is incorporated by reference to the Halliburton Company Proxy Statement for our 2026 Annual Meeting of Shareholders (File No. 001-03492 ) under the caption “Fees Paid to KPMG LLP.” Our independent registered public accounting firm is KPMG LLP , Houston, TX PCAOB ID: 185 . PART IV Item 15. Exhibits and Financial Statement Schedules. (a) List of documents filed as part of this Annual Report. (1) Financial Statements: The reports of the Independent Registered Public Accounting Firm and the financial statements of Halliburton Company are included within Part II, Item 8 of this Annual Report on Form 10-K. (2) Financial Statement Schedules: The schedules listed in Rule 5-04 of Regulation S-X (17 CFR 210.5-04) have been omitted because they are not applicable or the required information is shown in the consolidated financial statements or notes thereto. (3) Exhibits: See exhibits listed under Part (b) below. (b) Exhibit Number 3.1 Amended and Restated Certificate of Incorporation of Halliburton Company filed with the Secretary of State of Delaware on May 17, 2023 (incorporated by reference to Exhibit 3.1 to Halliburton’s Form 10-Q for the quarter ended June 30, 2023, File No. 001-03492). 3.2 By-laws of Halliburton Company revised effective May 2, 2024 (incorporated by reference to Exhibit 3.1 to Halliburton’s Form 8-K filed May 3, 2024, File No. 001-03492). 4.1 Second Senior Indenture dated as of December 1, 1996 between the Predecessor and The Bank of New York Trust Company, N.A. (as successor to Texas Commerce Bank National Association), as Trustee, as supplemented and amended by the First Supplemental Indenture dated as of December 5, 1996 between the Predecessor and the Trustee and the Second Supplemental Indenture dated as of December 12, 1996 among the Predecessor, Halliburton and the Trustee (incorporated by reference to Exhibit 4.2 of Halliburton’s Registration Statement on Form 8-B dated December 12, 1996, File No. 001-03492). 4.2 Third Supplemental Indenture dated as of August 1, 1997 between Halliburton and The Bank of New York Trust Company, N.A. (as successor to Texas Commerce Bank National Association), as Trustee, to the Second Senior Indenture dated as of December 1, 1996 (incorporated by reference to Exhibit 4.7 to Halliburton’s Form 10-K for the year ended December 31, 1998, File No. 001-03492). 4.3 Fourth Supplemental Indenture dated as of September 29, 1998 between Halliburton and The Bank of New York Trust Company, N.A. (as successor to Texas Commerce Bank National Association), as Trustee, to the Second Senior Indenture dated as of December 1, 1996 (incorporated by reference to Exhibit 4.8 to Halliburton’s Form 10-K for the year ended December 31, 1998, File No. 001-03492). 4.4 Fifth Supplemental Indenture, dated as of July 1, 2025, by and among Halliburton Company, Halliburton Operations Finance Company, LLC and the Bank of New York Mellon Trust Company, N.A. (as successor to Chase Bank of Texas, National Association, as successor to Texas Commerce Bank National Association), as trustee to the Indenture dated as of December 1, 1996 (incorporated by reference to Exhibit 4.2 to Halliburton’s Form 10-Q for the quarter ended June 30, 2025, File No. 001-03492). 4.5 Resolutions of Halliburton’s Board of Directors adopted by unanimous consent dated December 5, 1996 (incorporated by reference to Exhibit 4(g) of Halliburton’s Form 10-K for the year ended December 31, 1996, File No. 001-03492). HAL 2025 FORM 10-K | 78 Table of Contents 4.6 Form of debt security of 6.75% Notes due February 1, 2027 (incorporated by reference to Exhibit 4.1 to Halliburton’s Form 8-K dated as of February 11, 1997, File No. 001-03492). 4.7 Copies of instruments that define the rights of holders of miscellaneous long-term notes of Halliburton Company and its subsidiaries have not been filed with the Commission. Halliburton Company agrees to furnish copies of these instruments upon request. 4.8 Form of Indenture dated as of April 18, 1996 between Dresser and The Bank of New York Trust Company, N.A. (as successor to Texas Commerce Bank National Association), as Trustee (incorporated by reference to Exhibit 4 to Dresser’s Registration Statement on Form S-3/A filed on April 19, 1996, Registration No. 333-01303), as supplemented and amended by Form of First Supplemental Indenture dated as of August 6, 1996 between Dresser and The Bank of New York Trust Company, N.A. (as successor to Texas Commerce Bank National Association), Trustee, for 7.60% Debentures due 2096 (incorporated by reference to Exhibit 4.1 to Dresser’s Form 8-K filed on August 9, 1996, File No. 1-4003). 4.9 Second Supplemental Indenture dated as of October 27, 2003 between DII Industries, LLC and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank), as Trustee, to the Indenture dated as of April 18, 1996 (incorporated by reference to Exhibit 4.15 to Halliburton’s Form 10-K for the year ended December 31, 2003, File No. 001-03492). 4.10 Third Supplemental Indenture dated as of December 12, 2003 among DII Industries, LLC, Halliburton Company and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank), as Trustee, to the Indenture dated as of April 18, 1996, (incorporated by reference to Exhibit 4.16 to Halliburton’s Form 10-K for the year ended December 31, 2003, File No. 001-03492). 4.11 Fourth Supplemental Indenture dated as of July 1, 2025, by and among DII Industries, LLC, Halliburton Company, Halliburton Operations Finance Company, LLC, and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank, as successor to Texas Commerce Bank National Association), as trustee to the Indenture dated as of April 18, 1996 (incorporated by reference to Exhibit 4.1 to Halliburton’s Form 10-Q for the quarter ended June 30, 2025, File No. 001-03492). 4.12 Indenture dated as of October 17, 2003 between Halliburton Company and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank), as Trustee (incorporated by reference to Exhibit 4.1 to Halliburton’s Form 10-Q for the quarter ended September 30, 2003, File No. 001-03492). 4.13 Second Supplemental Indenture dated as of December 15, 2003 between Halliburton Company and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank), as Trustee, to the Senior Indenture dated as of October 17, 2003 (incorporated by reference to Exhibit 4.27 to Halliburton’s Form 10- K for the year ended December 31, 2003, File No. 001-03492). 4.14 Form of note of 7.6% debentures due 2096 (included as Exhibit A to Exhibit 4.13). 4.15 Fourth Supplemental Indenture, dated as of September 12, 2008, between Halliburton Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank, to the Senior Indenture dated as of October 17, 2003 (incorporated by reference to Exhibit 4.2 to Halliburton’s Form 8-K filed September 12, 2008, File No. 001-03492). 4.16 Form of Global Note for Halliburton’s 6.70% Senior Notes due 2038 (included as part of Exhibit 4.15). 4.17 Fifth Supplemental Indenture, dated as of March 13, 2009, between Halliburton Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank, to the Senior Indenture dated as of October 17, 2003 (incorporated by reference to Exhibit 4.2 to Halliburton’s Form 8-K filed March 13, 2009, File No. 001-03492). 4.18 Form of Global Note for Halliburton’s 7.45% Senior Notes due 2039 (included as part of Exhibit 4.17). HAL 2025 FORM 10-K | 79 Table of Contents 4.19 Sixth Supplemental Indenture, dated as of November 14, 2011, between Halliburton Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank, to the Senior Indenture dated as of October 17, 2003 (incorporated by reference to Exhibit 4.2 to Halliburton’s Form 8-K filed November 14, 2011, File No. 001-03492). 4.20 Form of Global Note for Halliburton’s 4.50% Senior Notes due 2041 (included as part of Exhibit 4.19). 4.21 Seventh Supplemental Indenture, dated as of August 5, 2013, between Halliburton Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank (incorporated by reference to Exhibit 4.2 of Halliburton’s Form 8-K filed August 5, 2013, File No. 001-03492). 4.22 Form of Global Note for Halliburton’s 4.75% Senior Notes due 2043 (included as part of Exhibit 4.21). 4.23 Eighth Supplemental Indenture, dated as of November 13, 2015, between Halliburton Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank (incorporated by reference to Exhibit 4.2 to Halliburton’s Form 8-K filed November 13, 2015, File No. 001-03492). 4.24 Form of Global Note for Halliburton’s 3.800% Senior Notes due 2025 (included as part of Exhibit 4.23). 4.25 Form of Global Note for Halliburton’s 4.850% Senior Notes due 2035 (included as part of Exhibit 4.23). 4.26 Form of Global Note for Halliburton’s 5.000% Senior Notes due 2045 (included as part of Exhibit 4.23). 4.27 Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.25 of Halliburton’s Form 10-K for the year ended December 31, 2023, File No. 001-03492) . 4.28 Ninth Supplemental Indenture, dated as of March 3, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank (incorporated by reference to Exhibit 4.2 to Halliburton’s Form 8-K filed March 3, 2020, File No. 001-03492). 4.29 Form of Global Note for the Company’s 2.920% Senior Notes due 2030 (included as part of Exhibit 4.28). 4.30 Tenth Supplemental Indenture, dated as of July 1, 2025, by and among Halliburton Company, Halliburton Operations Finance Company, LLC, and the Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank), as trustee to the Indenture dated as of October 17, 2003 (incorporated by reference to Exhibit 4.3 to Halliburton’s Form 10-Q for the quarter ended June 30, 2025, File No. 001-03492). † 10.1 Halliburton Company Stock and Incentive Plan, as amended and restated effective February 13, 2024 (incorporated by reference to Appendix A of Halliburton’s proxy statement filed April 2, 2024, File No. 001-03492). † 10.2 Dresser Industries, Inc. Deferred Compensation Plan, as amended and restated effective January 1, 2000 (incorporated by reference to Exhibit 10.16 to Halliburton’s Form 10-K for the year ended December 31, 2000, File No. 001-03492). † 10.3 ERISA Excess Benefit Plan for Dresser Industries, Inc., as amended and restated effective June 1, 1995 (incorporated by reference to Exhibit 10.7 to Dresser’s Form 10-K for the year ended October 31, 1995, File No. 1-4003). HAL 2025 FORM 10-K | 80 Table of Contents † 10.4 Halliburton Company Directors' Deferred Compensation Plan, as amended and restated effective May 16, 2012 (incorporated by reference to Exhibit 10.5 to Halliburton's Form 10-Q for the quarter ended June 30, 2012, File No. 001-03492). † 10.5 Halliburton Company Employee Stock Purchase Plan, as amended and restated effective February 17, 2021 (incorporated by reference to Appendix B of Halliburton’s proxy statement filed April 6, 2021, File No. 001-03492). † 10.6 First Amendment dated December 1, 2012 to Halliburton Company Directors' Deferred Compensation Plan, as amended and restated effective May 16, 2012 (incorporated by reference to Exhibit 10.45 to Halliburton’s Form 10-K for the year ended December 31, 2012, File No. 001-03492). † 10.7 Executive Agreement (Myrtle L. Jones) (incorporated by reference to Exhibit 10.1 to Halliburton's Form 10- Q for the quarter ended March 31, 2013, File No. 001-03492). † 10.8 Executive Agreement (Charles E. Geer, Jr.) (incorporated by reference to Exhibit 10.2 to Halliburton’s Form 8-K filed December 9, 2014, File No. 001-03492). † 10.9 Executive Agreement (Timothy McKeon) (incorporated by reference to Exhibit 10.49 to Halliburton’s Form 10-K for the year ended December 31, 2013, File No. 001-03492). † 10.10 Halliburton Annual Performance Pay Plan, as amended and restated effective January 1, 2019) (incorporated by reference to Exhibit 10.7 to Halliburton's Form 10-Q for the quarter ended June 30, 2019, File No. 001-03492). † 10.11 Form of Non-Employee Director Restricted Stock Agreement (Directors Plan) (incorporated by reference to Exhibit 99.5 of Halliburton's Form S-8 filed May 21, 2009, Registration No. 333-159394). † 10.12 Executive Agreement (Jeffrey A. Miller) (incorporated by reference to Exhibit 10.1 to Halliburton's Form 8- K filed June 5, 2017, File No. 001-03492). † 10.13 Form of Nonstatutory Stock Option Agreement (U.S.) (incorporated by reference to Exhibit 99.2 of Halliburton's Form S-8 filed May 17, 2019, Registration No. 333-231571). † 10.14 Form of Nonstatutory Stock Option Agreement (International) (incorporated by reference to Exhibit 99.3 of Halliburton's Form S-8 filed May 17, 2019, Registration No. 333-231571). † 10.15 Executive Agreement (Eric J. Carre) (incorporated by reference to Exhibit 10.46 of Halliburton's Form 10-K for the year ended December 31, 2017, File No. 001-03492). † 10.16 Executive Agreement (Lawrence J. Pope) (incorporated by reference to Exhibit 10.47 of Halliburton's Form 10-K for the year ended December 31, 2017, File No. 001-03492). † 10.17 Second Amendment dated January 1, 2019, to Halliburton Company Directors’ Deferred Compensation Plan, as amended and restated effective May 16, 2012 (incorporated by reference to Exhibit 10.47 of Halliburton's Form 10-K for the year ended December 31, 2018, File No. 001-03492). † 10.18 Executive Agreement (Mark J. Richard) (incorporated by reference to Exhibit 10.48 of Halliburton’s Form 10-K for the year ended December 31, 2018, File No. 001-03492). † 10.19 Halliburton Company Performance Unit Program, as amended and restated effective January 1, 2019 (incorporated by reference to Exhibit 10.8 of Halliburton's Form 10-Q for the quarter ended June 30, 2019, File No. 001-03492). HAL 2025 FORM 10-K | 81 Table of Contents 10.20 U.S. $3,500,000,000 Five Year Revolving Credit Agreement among Halliburton Company and Halliburton Operations Finance Company, LLC, as Borrowers, the Banks party thereto, and Citibank, N.A., as Agent (incorporated by reference to Exhibit 10.1 to Halliburton’s Form 8-K filed August 20, 2025, File No. 001-03492). † 10.21 Halliburton Company Supplemental Executive Retirement Plan, as amended and restated effective December 5, 2019 (incorporated by reference to Exhibit 10.41 of Halliburton's Form 10-K for the year ended December 31, 2019, File No. 001-03492). † 10.22 Halliburton Company Benefit Restoration Plan, as amended and restated effective December 5, 2019 (incorporated by reference to Exhibit 10.42 of Halliburton's Form 10-K for the year ended December 31, 2019, File No. 001-03492). † 10.23 Halliburton Elective Deferral Plan, as amended and restated effective December 5, 2019 (incorporated by reference to Exhibit 10.43 of Halliburton's Form 10-K for the year ended December 31, 2019, File No. 001-03492). † 10.24 Executive Agreement (Van H. Beckwith) (incorporated by reference to Exhibit 10.42 of Halliburton’s Form 10-K for the year ended December 31, 2020, File No. 001-03492). † 10.25 Executive Agreement (Jill D. Sharp) (incorporated by reference to Exhibit 10.40 of Halliburton's Form 10-K for the year ended December 31, 2021, File No. 001-03492). † 10.26 Amendment effective January 1, 2022, to Halliburton Annual Performance Pay Plan, as amended and restated effective as of January 1, 2019 (incorporated by reference to Exhibit 10.1 of Halliburton's Form 10- Q for the quarter ended March 31, 2022, File No. 001-03492). † 10.27 Amendment effective January 1, 2020, to Halliburton Company Performance Unit Program, as amended and restated effective as of January 1, 2019 (incorporated by reference to Exhibit 10.2 of Halliburton's Form 10-Q for the quarter ended March 31, 2022, File No. 001-03492). † 10.28 Executive Agreement (Shannon Slocum) (incorporated by reference to Exhibit 10.1 of Halliburton's Form 10-Q for the quarter ended March 31, 2023, File No. 001-03492). 10.29 Form of Indemnification Agreement for Officers (incorporated by reference to Exhibit 10.1 of Halliburton's Form 10-Q for the quarter ended June 30, 2023, File No. 001-03492). 10.30 Form of Indemnification Agreement for Directors (incorporated by reference to Exhibit 10.2 of Halliburton's Form 10-Q for the quarter ended June 30, 2023, File No. 001-03492). † 10.31 Executive Agreement (effective January 1, 2026) (J. Shannon Slocum) (incorporated by reference to Exhibit 10.1 of Halliburton’s Form 8-K filed on December 4, 2025, File No. 001-03492). † 10.32 Executive Agreement (effective January 1, 2026) (Rami M. Yassine) (incorporated by reference to Exhibit 10.2 of Halliburton’s Form 8-K filed on December 4, 2025, File No. 001-03492). † 10.33 Executive Agreement (effective July 16, 2025) (Stephanie S. Holzhauser) (incorporated by reference to Exhibit 10.1 to Halliburton’s Form 8-K filed July 14, 2025, File No. 001-03492). † 10.34 Executive Agreement (effective February 1, 2026) (M. Casey Maxwell) (incorporated by reference to Exhibit 10.1 of Halliburton’s Form 8-K filed on January 14, 2026, File No. 001-03492). HAL 2025 FORM 10-K | 82 Table of Contents † 10.35 Form of Restricted Stock Agreement (incorporated by reference to Exhibit 10.39 of Halliburton’s Form 10- K for the year ended December 31, 2024, File No. 001-03492) . † 10.36 Form of Restricted Stock Unit Agreement (International) (incorporated by reference to Exhibit 10.40 of Halliburton’s Form 10-K for the year ended December 31, 2024, File No. 001-03492) . † 10.37 Form of Restricted Stock Unit Agreement (U.S. Expat) (incorporated by reference to Exhibit 10.41 of Halliburton’s Form 10-K for the year ended December 31, 2024, File No. 001-03492). † 10.38 Form of Performance Share Unit Award Agreement (incorporated by reference to Exhibit 10.42 of Halliburton’s Form 10-K for the year ended December 31, 2024, File No. 001-03492). † 10.39 Form of Non-Management Director Restricted Stock Unit Agreement (Stock and Incentive Plan) (incorporated by reference to Exhibit 10.43 of Halliburton's Form 10-K for the year ended December 31, 2024, File No. 001-03492). *† 10.40 Form of Restricted Stock Agreement. *† 10.41 Form of Restricted Stock Unit Agreement (International). *† 10.42 Form of Restricted Stock Unit Agreement (U.S. Expat). *† 10.43 Form of Performance Share Unit Award Agreement. *† 10.44 Form of Non-Management Director Restricted Stock Unit Agreement (Stock and Incentive Plan). 19.1 Company Policy: Use of Material Nonpublic Information, Securities Trading Windows, and Hedging and Pledging of Company Securities (incorporated by reference to Exhibit 19.1 of Halliburton's Form 10-K for the year ended December 31, 2024, File No. 001-03492). 19.2 Company Policy: Securities Trading of Company Securities by the Company (incorporated by reference to Exhibit 19.2 of Halliburton's Form 10-K for the year ended December 31, 2024, File No. 001-03492).

21.1 Subsidiaries of the Registrant. * 23.1 Consent of KPMG LLP. * 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. * 31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. ** 32.1 Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. ** 32.2 Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. * 95 Mine Safety Disclosures. HAL 2025 FORM 10-K | 83 Table of Contents 97.1 Company Policy: Recoupment of Incentive Compensation Following a Restatement (incorporated by reference to Exhibit 97.1 of Halliburton’s Form 10-K for the year ended December 31, 2024, File No. 001-03492). * 101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document * 101.SCH Inline XBRL Taxonomy Extension Schema Document * 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document * 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document * 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document * 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document * 104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

• Filed with this Form 10-K. ** Furnished with this Form 10-K. † Management contracts or compensatory plans or arrangements. Item 16. Form 10-K Summary . None. HAL 2025 FORM 10-K | 84 Table of Contents SIGNATURES As required by Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has authorized this report to be signed on its behalf by the undersigned authorized individuals on this 6th day of February, 2026 . HALLIBURTON COMPANY By /s/ Jeffrey A. Miller Jeffrey A. Miller Chairman of the Board, President and Chief Executive Officer As required by the Securities Exchange Act of 1934, this report has been signed below by the following persons in the capacities indicated on this 6th day of February, 2026 . Signature Title /s/ Jeffrey A. Miller Chairman of the Board, Director, President and Jeffrey A. Miller Chief Executive Officer /s/ Eric J. Carre Executive Vice President and Eric J. Carre Chief Financial Officer /s/ Stephanie S. Holzhauser Senior Vice President and Stephanie S. Holzhauser Chief Accounting Officer HAL 2025 FORM 10-K | 85 Table of Contents Signature Title /s/ Abdulaziz F. Al Khayyal Director Abdulaziz F. Al Khayyal /s/ William E. Albrecht Director William E. Albrecht /s/ M. Katherine Banks Director M. Katherine Banks /s/ Alan M. Bennett Director Alan M. Bennett /s/ Earl M. Cummings Director Earl M. Cummings /s/ Murry S. Gerber Director Murry S. Gerber /s/ Timothy A. Leach Director Timothy A. Leach /s/ Robert A. Malone Director Robert A. Malone /s/ J. Shannon Slocum Director J. Shannon Slocum /s/ Maurice S. Smith Director Maurice S. Smith /s/ Janet L. Weiss Director Janet L. Weiss /s/ Tobi M. Edwards Young Director Tobi M. Edwards Young